Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 66

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 16
Chunk 66
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        International

        519,429

        572,539

        1,267,001

        Earnings before income taxes
         
        $
        4,114,878

        $
        3,464,183

        $
        3,690,810

88

Summary of Current and Deferred Income Taxes The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands): 

        2024

        2023

        2022

        Current income tax expense (benefit):

        U.S. federal
         
        $
        (17,082
        )
         
        $
        (953
        )
         
        $
        (6,645
        )

        International

        152,891

        175,121

        112,489

        State and local

        9,973

        19,162

        16,930

        Total current income tax expense

        145,782

        193,330

        122,774

        Deferred income tax expense:

        U.S. federal

        18,222

        12,936

        3,359

        International

        2,939

        4,772

        9,279

        Total deferred income tax expense

        21,161

        17,708

        12,638

        Total income tax expense
         
        $
        166,943

        $
        211,038

        $
        135,412

       Current Income Taxes We recognize current income tax expense for the federal and state income taxes incurred by our TRSs and taxes incurred in certain states and foreign jurisdictions. Current income tax expense fluctuates from period to period based primarily on the timing of our taxable income. Taxable income incurred over the last three years was principally due to the following: (i) the contribution of real estate properties to our unconsolidated co-investment ventures and sales to third parties; (ii) recurring and transactional strategic capital fees earned; (iii) taxable earnings from unconsolidated co-investment ventures; and (iv) adjustments to acquired tax liabilities. During the years ended December 31, 2024, 2023 and 2022, cash paid for income taxes, net of refunds, was $129.9 million, $149.1 million