Company: PLDGP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000950170-25-021272
Chunk: 440

Company: Prologis, Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 440
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 these transactions, we recognize realized gains or losses.

The following table details our foreign currency and derivative gains (losses), net included in earnings (in millions):

    2024

    2023

    Realized foreign currency and derivative gains, net:

    Gains on the settlement of undesignated derivatives
     
    $
    53

    $
    60

    Gains on the settlement of transactions with third parties

    1

    1

    Total realized foreign currency and derivative gains, net

    54

    61

    Unrealized foreign currency and derivative gains (losses), net:

    Gains (losses) on the change in fair value of undesignated derivatives and unhedged debt

    87

    (81
    )

    Gains (losses) on remeasurement of certain assets and liabilities

    (20
    )

    10

    Total unrealized foreign currency and derivative gains (losses), net

    67

    (71
    )

    Total foreign currency and derivative gains (losses), net
     
    $
    121

    $
    (10
    )

See Note 2 to the Consolidated Financial Statements for more information about our foreign currency and derivative financial instrument policies and Note 15 to the Consolidated Financial Statements for more information about our derivative and nonderivative transactions.

Income Tax Expense

We recognize income tax expense related to our taxable REIT subsidiaries and in the local, state and foreign jurisdictions in which we operate. Our current income tax expense (benefit) fluctuates from period to period based primarily on the timing of our taxable income, including gains on the disposition of properties, fees earned from the co-investment ventures and taxable earnings from unconsolidated co-investment ventures. Deferred income tax expense (benefit) is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as deferred income tax assets in taxable subsidiaries.

The following table summarizes our income tax expense (benefit) (in millions):

    2024

    2023

    Current income tax expense (benefit):

    Income tax expense
     
    $
    116

    $
    165

    Income tax expense on dispositions

    30

    39

    Income tax benefit on dispositions related to acquired tax liabilities

    -

    (11
    )

    Total current