Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of (Loss) Income before Tax, Domestic and Foreign

Income (loss) from continuing operations before income taxes consisted of the following:


	Years Ended December 31,
	2025		2024		2023
U.S.	$	146,384	$	(112,261)	$	(112,437)
International	46,140		59,934		68,517
Total	$	192,524	$	(52,327)	$	(43,920)

Schedule of Components of Income Tax (Benefit) Provision

The provision (benefit) for income taxes consisted of the following:


	Years Ended December 31,
	2025			2024			2023
U.S. Federal:
Current	$	(9,440)		$	2,535		$	32,784
Deferred	28,050			(138,444)			(31,591)
	18,610			(135,909)			1,193
U.S. State and Local:
Current	2,912			1,375			9,083
Deferred	7,368			(41,416)			(9,973)
	10,280			(40,041)			(890)
International:
Current	15,950			14,971			11,266
Deferred	2,987			6,150			5,778
	18,937			21,121			17,044

Total current	9,422			18,881			53,133
Total deferred	38,405			(173,710)			(35,786)
Total provision (benefit) for income taxes	$	47,827		$	(154,829)		$	17,347

Effective tax rate	24.8		%	295.9		%	(39.5)		%

Schedule of Reconciliation of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the federal statutory rate and our provision or benefit for income taxes consisted of the following:


	Years Ended December 31,
	2025			2024		2023
U.S. Federal statutory tax rate	$	40,430	21.0%	$	(10,989)		$	(9,223)

State and local income taxes, net of federal benefit (1)	8,126		4.2%	(31,632)			(703)

Foreign tax effects
Canada
Capital gain	4,381		2.3%
Other	(550)		(0.3)%
Other foreign jurisdictions	5,131		2.7%
Impact of foreign operations taxed at rates other than the U.S. statutory rate (2)				4,595			2,779

Effect of cross-border tax laws
Global intangible low-taxed income	566		0.3%
Subpart F income	2,009		1.0%
Other	(489)		(0.3)%
U.S. tax impacts of foreign income in the U.S. (3)				7,983			1,099

Changes in valuation allowances	—			2,100			—

Nontaxable or nondeductible items
Unrealized stock compensation benefits	(2,057)		(1.1)%	1,686			574
Surrender of company-owned life insurance policies	—			8,139			—
Nondeductible officer's compensation	5,123		2.7%	5,992			—
Affiliate reorganization	—			(141,723)			—
Goodwill impairment	—			—			24,437

Changes in unrecognized tax benefits
Accrual/release of uncertain tax amounts related to foreign operations (4)	(14,328)		(7.4)%	(829)			(2,829)

Other adjustments	(515)		(0.3)%	(151)			1,213

Provision (benefit) for income taxes	$	47,827	24.8%	$	(154,829)		$	17,347

(1) State taxes in California, Illinois, New York and New Jersey make up the majority (greater than 50%) of the tax effect in this category for the year ended December 31, 2025. Also includes a benefit of $22 million related to the affiliate reorganization and a benefit of $6 million related to a state interest valuation allowance release for the year ended December 31, 2024.

(2) Includes a charge of $1 million for a change in tax rates for the year ended December 31, 2024.

(3) Includes a charge of $2 million for the loss of the GILTI deduction as well as a charge of $2 million for withholding tax for the year ended December 31, 2024.

(4) Includes a benefit of $4 million related to interest on unrecognized tax benefits for the year ended December 31, 2025.

Schedule of Components of Deferred Tax Assets and Liabilities

Deferred tax liabilities and assets consisted of the following:


	December 31,
	2025		2024
Deferred tax liabilities:

Deferred profit (for tax purposes) on sale to finance subsidiary	$	(44,759)	$	(53,370)
Lease revenue and related depreciation	(167,126)		(183,237)
Intangible assets	(53,334)		(52,773)
Operating lease liability	(26,135)		(27,857)

Other	(12,208)		(10,847)
Gross deferred tax liabilities	(303,562)		(328,084)

Deferred tax assets:
Depreciation	9,314		32,539
Postretirement medical benefits	18,949		20,108
Pension	16,610		16,948
Operating lease asset	31,411		31,429


Long-term incentives	3,773		5,914
Net operating and capital losses	248,099		257,186
Tax credit carry forwards	67,376		65,697
Section 163j carryforward	76,309		86,075
Tax uncertainties gross-up	3,379		4,568
Other	63,387		57,915
Gross deferred tax assets	538,607		578,379
Less: Valuation allowance	(224,922)		(206,441)
Net deferred tax assets	313,685		371,938

Total deferred taxes, net	$	10,123	$	43,854

Schedule of Tax Uncertainties Roll Forward

A reconciliation of the amount of unrecognized tax benefits is as follows:


	Years Ended December 31,
	2025		2024		2023
Balance at beginning of year	$	27,037	$	30,232	$	33,300
Increases from prior period positions	—		—		343
Decreases from prior period positions	(39)		(955)		(524)
Increases from current period positions	—		73		400

Decreases relating to settlements with tax authorities	(52)		(1,467)		(350)
Reductions from lapse of applicable statute of limitations	(10,845)		(846)		(2,937)
Balance at end of year	$	16,101	$	27,037	$	30,232

Schedule of Income Tax Cash Payments Net Of Refunds

Supplemental cash flow information is as follows:


	Years Ended December 31,
	2025		2024		2023

Purchases of property and equipment in accounts payable	$	1,248	$	1,719	$	2,068
Cash interest paid	$	142,107	$	167,890	$	164,046

Cash income tax payments, net of refunds consisted of the following:


	Year Ended December 31, 2025

Federal	$	(6,836)
State
California	1,480
Other	1,717
Foreign
Barbados	1,678
Canada	9,828
France	3,595
Japan	2,097
Other	2,500
Cash income tax payments, net of refunds	$	16,059