Income and Partnership Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income (loss)

Significant components of income (loss) before taxes for the years ended December 31, 2023, 2022 and 2021 were as follows:

(In thousands)	2023		2022		2021
Domestic	$	114,878	$	327,897	$	(3,603)
Foreign	57,724		43,760		(24,880)
Total income (loss) before taxes	$	172,602	$	371,657	$	(28,483)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes was comprised of the following for the years ended December 31, 2023, 2022 and 2021:

(In thousands)	2023		2022		2021
Current federal	$	21,401	$	22,912	$	(21,438)
Current state and local	3,754		2,799		1,395
Current foreign	15,390		19,456		2,896
Total current	40,545		45,167		(17,147)
Deferred federal, state and local	(8,710)		6,113		17,870
Deferred foreign	1,953		(1,728)		9,018
Total deferred	(6,757)		4,385		26,888
Total provision for income taxes	$	33,788	$	49,552	$	9,741

Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences were as follows:    

(In thousands)	2023		2022		2021
Income tax provision based on the U.S. federal statutory tax rate	$	36,246	$	78,048	$	(5,981)
Partnership (income) loss not subject to corporate income tax	(14,624)		(38,556)		257
State and local taxes, net	4,157		8,154		776
Valuation allowance	9,703		9		14,619
Expired foreign tax credits	—		—		888
Tax credits	(1,392)		(1,483)		(901)
Change in U.S. tax law	332		(107)		(1,326)
Foreign currency translation (gains) losses	(1,220)		4,754		1,143
Nondeductible expenses and other	586		(1,267)		266
Total provision for income taxes	$	33,788	$	49,552	$	9,741

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2023 and December 31, 2022 were as follows:    

(In thousands)	2023		2022
Deferred tax assets:
Compensation	$	15,615	$	14,817
Accrued expenses	4,704		4,135
Foreign tax credits	17,991		11,467
Tax attribute carryforwards	13,570		13,823
Foreign currency translation	3,776		5,313
Deferred revenue	1,557		1,911
Lease liability	16,856		19,037
Deferred tax assets	74,069		70,503
Valuation allowance	(32,143)		(24,228)
Net deferred tax assets	41,926		46,275
Deferred tax liabilities:
Property	(69,143)		(76,871)
Intangibles	(20,495)		(20,170)
Right-of-use asset	(15,691)		(18,646)
Deferred tax liabilities	(105,329)		(115,687)
Net deferred tax liability	$	(63,403)	$	(69,412)

Schedule of Valuation Allowance

The following table presents the changes to the valuation allowance for the periods presented.

(In thousands)	2023		2022		2021
Beginning Valuation Allowance	$	(24,228)	$	(24,374)	$	(9,755)
Change in Foreign Tax Credit Carryforward Allowance	(6,524)		(3,075)		(6,807)
Change in State Net Operating Loss Carryforward Allowance	(1,310)		2,660		(5,946)
Change in Canadian Capital Loss Carryforward Allowance	(189)		156		(2,437)
Change in Other State Deferred Tax Asset Allowance	108		405		571
Ending Valuation Allowance	$	(32,143)	$	(24,228)	$	(24,374)