Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Provision for Income Taxes from Continuing Operations

The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):

	2023		2022		2021
CURRENT:
Federal	$	797	$	(21,936)	$	126
State		(2,920)		(8,595)		(1,077)
Total current provision		(2,123)		(30,531)		(951)
DEFERRED:
Federal		79,710		(9,115)		(3,646)
State		16,115		871		(360)
Total deferred (provision) benefit		95,825		(8,244)		(4,006)
Total (provision) benefit for income taxes	$	93,702	$	(38,775)	$	(4,957)

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited).

	2023		2022		2021
Ordinary income	$	3.75	$	0.28	$	—
Capital gains		0.10		0.07		—
Return of capital		—		—		—
	$	3.85	$	0.35	$	—

Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax Benefit Recorded for Continuing Operations

The differences between the income tax (provision) benefit calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):

	2023		2022		2021
Statutory federal income tax (provision) benefit	$	(52,101)	$	(36,482)	$	39,868
Adjustment for nontaxable income of the REIT		44,968		3,565		(16,379)
Adjustment for noncontrolling interest in consolidated joint venture		—		—		(1,834)
State tax (provision) benefit (net of federal taxes)		(11,934)		(13,597)		8,581
Permanent share-based compensation adjustment		34		440		329
Other permanent items		(531)		(365)		(281)
Change in federal valuation allowance		87,330		1,914		(25,698)
Change in state valuation allowance (net of federal taxes)		25,128		5,873		(9,264)
Other		808		(123)		(279)
	$	93,702	$	(38,775)	$	(4,957)

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):

	2023		2022
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	22,371	$	23,095
Pension plans		4,249		5,413
Deferred management rights proceeds		40,280		42,875
Federal and State net operating loss carryforwards		102,032		97,832
Tax credits and other carryforwards		8,881		5,182
Other assets		6,205		5,124
Total deferred tax assets		184,018		179,521
Valuation allowance		(5,557)		(118,015)
Total deferred tax assets, net of valuation allowance		178,461		61,506
DEFERRED TAX LIABILITIES:
Property and equipment, net		91,314		67,744
Other liabilities		5,523		6,677
Total deferred tax liabilities		96,837		74,421
Net deferred tax assets (liabilities)	$	81,624	$	(12,915)