Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

2025 Activity

In the 2025 third quarter, we incurred approximately $1 million of higher tax expense on our German entities (outside of the MEDIAN real estate joint venture) due to various matters including the impact from the lowering of German tax rates (in future years) on certain deferred tax asset positions.

2024 Activity

In connection with closing the secured term loan facility in the U.K. on May 24, 2024, we realized a gain, for U.K. tax purposes, on the interest rate swap associated with the internal restructuring of the British pound sterling term loan due 2025. This gain resulted in a tax expense of approximately $5 million in the 2024 second quarter.