Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income before Income Tax, Domestic and Foreign

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


(In thousands)	Years Ended December 31,
	2023		2022		2021
Domestic	$	239,061	$	(52,458)	$	292,364
Foreign	56,945		22,506		81,868
Total	$	296,006	$	(29,952)	$	374,232

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to continuing operations consists of the following components:


(In thousands)	Years Ended December 31,
	2023		2022		2021
Current expense (benefit):
Federal	$	9,260	$	(6,310)	$	19,751
State	12,624		2,141		10,360
Foreign	23,517		18,933		25,990
	45,401		14,764		56,101
Deferred expense (benefit):
Federal	46,831		(43,707)		24,923
State	1,034		(3,633)		2,715
Foreign	1,871		(3,349)		6,372
	49,736		(50,689)		34,010
Tax expense (benefit) relating to uncertain tax positions, including accrued interest	(531)		(5,055)		4,282
Income tax expense (benefit)	$	94,606	$	(40,980)	$	94,393

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:


(In thousands)	Years Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21	%	21	%	21	%
State and local income taxes, net of federal benefit (a)	4		20		3
Effect of foreign operations (b)	1		(11)		(1)
Non-deductible compensation expenses (c)	2		(35)		2
Excess tax deficiencies related to share-based compensation	1		(5)		(1)
Changes in the valuation allowance (d)	3		(109)		3

Tax expense relating to uncertain tax positions, including accrued interest, net of deferred tax benefits	—		16		1
Deferral of investment tax credit benefit	—		4		(1)
Deemed liquidation - controlled foreign corporation (a)	—		235		—
Other	—		1		(2)
Effective income tax rate	32	%	137	%	25	%

(a) In the year ended December 31, 2022, the deemed liquidation – controlled foreign corporation is a result of a capital loss sustained related to a change in the entity classification of a wholly owned controlled foreign corporation. This also impacts state and local income taxes.

(b) In the years ended December 31, 2023, 2022 and 2021, the effect of foreign operations relates to the income tax benefit or expense as a result of certain entities operating in foreign jurisdictions.

(c) In the year ended December 31, 2022, the increase in nondeductible compensation expense is primarily due to contractual severance as a result of employee separations.

(d) In the year ended December 31, 2023, the increase in valuation allowance relates primarily to the generation of excess foreign tax credits. In the year ended December 31, 2022, the increase in valuation allowance relates primarily to the generation of excess capital losses and foreign tax credits. In the year ended December 31, 2021, the increase in valuation allowance relates primarily to the generation of excess foreign tax credits and a reduction in the expected utilization of interest expense carryforwards as a result of a tax assessment.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2023 and 2022 are as follows:


(In thousands)	December 31,
	2023		2022
Deferred Tax Asset (Liability)
NOLs and tax credit carry-forwards	$	100,137	$	101,793
Compensation and benefit plans	19,974		24,451
Allowance for doubtful accounts	1,486		1,280
Fixed assets and intangible assets	31,816		35,678
Accrued interest expense	20,985		30,346
Unused capital losses	22,396		60,226
Other liabilities	24,769		21,618
Deferred tax asset	221,563		275,392
Valuation allowance	(135,742)		(132,164)
Net deferred tax asset	85,821		143,228
Prepaid liabilities	(639)		(570)
Fixed assets and intangible assets	(85,282)		(89,671)
Investments in partnerships	(124,164)		(128,434)
Other assets	(24,663)		(23,577)
Deferred tax liability	(234,748)		(242,252)
Total net deferred tax liability	$	(148,927)	$	(99,024)

Schedule Of Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows:


(In thousands)
Balance at December 31, 2022	$	6,650
Increases related to current year tax positions	692
Increases related to prior year tax positions	91

Decreases related to prior year tax positions	(243)
Decreases due to settlements/payments	(1,158)
Decreases due to lapse of statute of limitations	(349)

Balance at December 31, 2023	$	5,683