Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.24.0.1
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2023
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:
2023 2022 2021
Federal statutory income tax rate 21  % 21  % 21  %
Changes in rate resulting from:
Share-based compensation 2  % 11  % (4) %
Equity method investments (6) % (9) % (1) %
Recognition of deferred tax liability from REIT revocation 18  % —  % —  %
REIT benefit / dividends paid deduction
 (14) % (32) % (8) %
Other 2  % 5  % 4  %
Valuation allowance (6) % 19  % —  %
Effective tax rate 17  % 15  % 12  %
Schedule of Deferred Tax Assets (Liabilities) Deferred tax assets (liabilities) include the following as of December 31:
2023 2022
  (in millions)
Net operating loss (NOL) carryforwards $ 163  $ 114 
Tax credit carryforwards 31  21 
Share-based compensation 6  3 
Other 4  1 
Valuation allowance —  (10)
Gross deferred tax assets 204  129 
Receivables basis difference $ (57) $ (20)
Equity method investments (224) (153)
Gross deferred tax liabilities (281) (173)
Net deferred tax liabilities $ (77) $ (44)
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, 2023 and 2022 are characterized as follows:
2023 2022
Common distributions
Ordinary income 52  % 31  %
Return of capital 6  % 69  %
Capital gain dividend
 42  % —  %
  100  % 100  %