Howard Hughes Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Corporate Income, Expenses, and Other Items
| MANAGEMENT’S DISCUSSION AND ANALYSISRESULTS OF OPERATIONS | Table of ContentsIndex to Financial Statements |
|---|
Corporate Income, Expenses, and Other Items
The following table contains certain corporate-related and other items not related to segment activities and that are not otherwise included within the segment analyses. Variances related to income and expenses included in NOI or EBT are explained within the previous segment discussions. Significant variances for consolidated items not included in NOI or EBT are described below for the years ended December 31:
| thousands | 2023 | 2022 | $ Change |
|---|---|---|---|
| Corporate income | $60 | $58 | $2 |
| General and administrative | (91,193) | (81,772) | (9,421) |
| Corporate interest expense, net | (87,243) | (88,394) | 1,151 |
| Gain (loss) on extinguishment of debt | — | (147) | 147 |
| Corporate other income (loss), net | 3,143 | 982 | 2,161 |
| Corporate depreciation and amortization | (3,215) | (3,684) | 469 |
| Other | (13,383) | (11,977) | (1,406) |
| Income tax (expense) benefit | 163,735 | (60,500) | 224,235 |
| Total Corporate income, expenses, and other items | $(28,096) | $(245,434) | $217,338 |
Corporate income, expenses, and other items was favorably impacted compared to the prior-year period by the following:
–Income tax expense decreased $224.2 million primarily due to a decrease in income before income taxes.
–Corporate other income increased $2.2 million primarily related to the receipt of insurance proceeds.
Corporate income, expenses, and other items was unfavorably impacted compared to the prior-year period by the following:
–General and administrative expenses increased $9.4 million primarily attributable to an increase in compensation costs and increased legal and consulting fees related to the holding company reorganization and planned spinoff of Seaport Entertainment.
Income Taxes
| thousands except percentages | 2023 | 2022 |
|---|---|---|
| Income tax expense (benefit) | $(163,735) | $60,500 |
| Income (loss) before income taxes | $(715,265) | $245,136 |
| Effective tax rate | 22.9% | 24.7% |
The Company’s effective tax rate for the year ended December 31, 2023, was 22.9% compared to 24.7% for the year ended December 31, 2022. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.
For additional information on income taxes, see Note 12 -Income Taxes in the Notes to Consolidated Financial Statements under Item 8 of this Form 10-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.