Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Income Tax Disclosure [Abstract] |
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| Provision For (Benefit From) Income Taxes |
The provision for (benefit from) income taxes is comprised of:
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Year Ended December 31, |
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2023 |
|
2022 |
|
2021 |
Current tax expense (benefit) |
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|
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Federal |
$ |
(2,497) |
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|
$ |
7,709 |
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|
$ |
(528) |
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State and local |
6,649 |
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|
5,314 |
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|
309 |
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Foreign |
(2) |
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|
— |
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|
— |
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Total current tax expense (benefit) |
4,150 |
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|
13,023 |
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|
(219) |
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Deferred tax expense (benefit) |
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|
|
|
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Federal |
25,341 |
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|
(5,008) |
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|
(135,789) |
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State and local |
(11,491) |
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|
(8,632) |
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|
(8,252) |
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Foreign |
727 |
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|
80 |
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|
4,100 |
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Total deferred tax expense (benefit) |
14,577 |
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|
(13,560) |
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|
(139,941) |
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Non-current benefit |
— |
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(288) |
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|
(184) |
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Provision for (benefit from) income taxes |
$ |
18,727 |
|
|
$ |
(825) |
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|
$ |
(140,344) |
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| Reconciliation of Effective Tax Rate |
The reconciliation between our effective tax rate on income before income taxes and the statutory tax rate is as follows:
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
Income tax expense (benefit) at federal statutory rate |
$ |
20,056 |
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|
$ |
(610) |
|
|
$ |
(151,582) |
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State and local income taxes, net of federal tax benefit |
8,393 |
|
|
869 |
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|
(20,575) |
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Section 162(m) limitation |
3,341 |
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|
3,709 |
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|
4,831 |
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Share-based compensation |
2,060 |
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|
50 |
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|
— |
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CARES Act |
— |
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— |
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(1,283) |
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Loss on debt extinguishment |
— |
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— |
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|
8,609 |
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Change in valuation allowance |
(15,216) |
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|
(4,833) |
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|
16,933 |
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Other, net |
93 |
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|
(10) |
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|
2,723 |
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Provision for (benefit from) income taxes |
$ |
18,727 |
|
|
$ |
(825) |
|
|
$ |
(140,344) |
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| Deferred Tax Assets and Liabilities |
The tax effect of temporary differences that gives rise to the net deferred tax liability are as follows:
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December 31, |
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2023 |
|
2022 |
Deferred tax assets: |
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Lease-related liabilities |
$ |
607,331 |
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$ |
573,543 |
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Accrued equity compensation |
76,422 |
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|
80,198 |
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Accrued expenses |
18,522 |
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|
11,974 |
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Deferred revenue |
1,608 |
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|
1,538 |
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Net operating loss |
85,217 |
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|
105,214 |
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Business interest |
57,793 |
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|
35,253 |
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Other |
5,742 |
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|
5,589 |
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Valuation allowance |
(9,592) |
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(24,633) |
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Total deferred tax assets |
843,043 |
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|
788,676 |
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Deferred tax liabilities: |
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Property and equipment |
(277,360) |
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|
(236,334) |
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Intangibles |
(44,543) |
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|
(42,764) |
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Operating and finance lease right-of-use assets |
(566,087) |
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(539,797) |
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Partnership interest |
(1,654) |
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|
(1,677) |
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Prepaid expenses |
(8,952) |
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|
(9,147) |
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Costs related to deferred revenue |
(82) |
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|
(227) |
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Other |
(431) |
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|
(123) |
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Total deferred tax liabilities |
(899,109) |
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|
(830,069) |
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Net deferred tax liability |
$ |
(56,066) |
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$ |
(41,393) |
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