Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.25.0.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation Between Statutory Rates and Effective Tax Rates Below is a reconciliation between the federal statutory rates and our effective tax rates for the years ended December 31:
2024 2023 2022
Federal statutory income tax rate 21  % 21  % 21  %
Changes in rate resulting from:
Share-based compensation 2  % 2  % 11  %
Equity method investments (3) % (6) % (9) %
Recognition of deferred tax liability from REIT revocation —  % 18  % —  %
REIT benefit / dividends paid deduction
 —  % (14) % (32) %
State income taxes
 5  % 2  % (2) %
Other 1  % —  % 7  %
Valuation allowance —  % (6) % 19  %
Effective tax rate 26  % 17  % 15  %
Schedule of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
2024 2023
  (in millions)
Net operating loss (NOL) carryforwards $ 219  $ 163 
Tax credit carryforwards 40  31 
Share-based compensation 2  6 
Other —  4 
Valuation allowance —  — 
Gross deferred tax assets 261  204 
Receivables basis difference $ (68) $ (57)
Equity method investments (338) (224)
Other
 (10) — 
Gross deferred tax liabilities (416) (281)
Net deferred tax liabilities $ (155) $ (77)
Schedule of Cash Dividends Paid for Federal Income Tax Purposes
For federal income tax purposes, the cash dividends paid for the years ended December 31, 2024 and 2023 are characterized as follows:
2024 2023
Common distributions
Ordinary income —  % 52  %
Return of capital 100  % 6  %
Capital gain dividend
 —  % 42  %
  100  % 100  %