v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss from Continuing Operations Before Income Taxes
The following is a summary of the loss from continuing operations before income taxes for the years ended December 31, 2025, 2024 and 2023 in the U.S. and foreign operations:
Years Ended December 31,
202520242023
Loss from continuing operations before income taxes
(In thousands)
U.S.
$(87,139)$(19,509)$(35,662)
Foreign
(48,594)(83,668)(292,427)
Total loss from continuing operations before income taxes
$(135,733)$(103,177)$(328,089)
Schedule of Benefit (Expense) for Income Taxes From Continuing Operations
The benefit (expense) for income taxes from continuing operations for the years ended December 31, 2025, 2024 and 2023 is as follows:
Years Ended December 31,
202520242023
(In thousands)
Current:
U.S. federal
$(286)$57 $(9)
State
(560)(736)(3,318)
Foreign
(5,287)(4,103)(5,181)
Total current income tax
(6,133)(4,782)(8,508)
Deferred:
U.S. federal
13,684 (4,615)(1,264)
State
2,956 (1,524)347 
Foreign
9,944 19,349 11,698 
Total deferred income tax
26,584 13,210 10,781 
Total income tax benefit from continuing operations
$20,451 $8,428 $2,273 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation between the statutory rate and reported amount for the year ended December 31, 2025 pursuant to the disclosure requirement of ASU 2023 -09 is as follows:
Year Ended December 31, 2025
Amount
(In thousands)
Percentage
Income taxes from continuing operations at the statutory rate$28,504 21.00 %
State Income taxes, net of federal income tax benefit(1)
2,446 1.80 %
Foreign Tax Effects:
Netherlands
Changes in Valuation Allowance(5,026)(3.70)%
Other(2)
2,426 1.79 %
Spain
Changes in Valuation Allowance(1,862)(1.37)%
Other161 0.12 %
Other Foreign Jurisdictions(1,246)(0.92)%
Nontaxable or Nondeductible Items
Earnings from REIT - not subject to tax(22,089)(16.27)%
Equity awards(2,094)(1.54)%
Other(423)(0.31)%
Other Adjustments
Internal restructuring
19,536 14.39 %
Other118 0.08 %
Total$20,451 15.07 %
(1)State and local taxes in New Jersey comprise the majority of this category.
(2)5% threshold is met at the jurisdiction level in total, but not for any individual reconciling items of the same nature within that jurisdiction.
Below is the reconciliation between the statutory rate and reported amount for the years ended December 31, 2024 and 2023 prior to the adoption of ASU 2023-09:
Years Ended December 31,
20242023
(In thousands)
Income tax benefit from continuing operations at statutory rates
$21,667 $68,899 
Earnings from REIT - not subject to tax
(7,683)(6,612)
State income taxes, net of federal income tax benefit
(2,488)(2,616)
Foreign income taxed at different rates
2,622 11,432 
Change in valuation allowance
(5,523)(10,619)
Goodwill Impairment— (57,436)
Non-deductible expenses
(2,188)(1,243)
Other
2,021 468 
Total
$8,428 $2,273 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are as follows:
Years Ended December 31,
20252024
(In thousands)
Deferred tax assets:
Net operating loss and credits carryforwards
$79,168 $67,765 
Accrued expenses
31,768 33,087 
Share-based compensation
3,068 3,132 
Lease obligations
23,284 14,244 
Other assets
76 2,442 
Total gross deferred tax assets
137,364 120,670 
Less: valuation allowance
(25,008)(14,430)
Total net deferred tax assets
112,356 106,240 
Deferred tax liabilities:
Intangible assets and goodwill
(75,325)(71,420)
Property, buildings and equipment
(106,025)(132,646)
Lease right-of-use assets
(23,903)(14,479)
Other liabilities
(5,169)(3,315)
Total gross deferred tax liabilities
(210,422)(221,860)
Net deferred tax liability
$(98,066)$(115,620)
Schedule of Cash Flow, Supplemental Disclosures
Disclosed below is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025:
Year Ended December 31, 2025
(In thousands)
U.S. federal
$654 
State
1,332
Foreign
3,865
Total
$5,851 
Income tax paid (net of refund received) exceeds 5% of total income taxes paid (net of refunds) in the following jurisdictions:
State:
Texas
673
Foreign:
Argentina528
Austria752
Australia1,057
Canada(317)
New Zealand1,723