v3.26.1
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Exchange Rate Risk
We are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than one of our subsidiaries' respective functional currencies (non-functional currency risk), such as affiliation agreements, programming contracts, certain trade receivables and accounts payable (including intercompany amounts).
The fair values of the Company's derivative financial instruments included in the condensed consolidated balance sheets are as follows:
(In thousands)Balance Sheet LocationJune 30, 2026December 31, 2025
Derivatives not designated as hedging instruments:
Assets:
Foreign currency derivatives Prepaid expenses and other current assets$5,008 $2,736 
Foreign currency derivatives Other assets10,004 6,795 
Liabilities:
Foreign currency derivatives Accrued liabilities$1,472 $1,993 
Foreign currency derivatives Other liabilities2,851 4,408 
The amounts of gains and losses related to the Company's derivative financial instruments not designated as hedging instruments are as follows:
(In thousands)Location of Gain (Loss) Recognized in Earnings on DerivativesAmount of Gain (Loss) Recognized in Earnings on Derivatives
Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
Foreign currency derivatives Miscellaneous, net$6,441 $(2,390)$7,662 $(2,480)
On May 8, 2026, the Company entered into the ASR Agreement with Citibank to repurchase $30.0 million of its outstanding Class A Common Stock. The Company recorded an increase to Treasury stock of $24.0 million during the three months ended June 30, 2026, representing 80% of the total shares expected to be repurchased under the ASR Agreement (determined based on the closing price of the Class A Common Stock of $8.80 on May 8, 2026). The remaining 20% of the ASR Agreement value of $6.0 million was accounted for as an unsettled forward contract indexed to the Class A Common Stock and recorded as a reduction to Paid-in capital during the three months ended June 30, 2026. The ASR Agreement met all of the applicable criteria for equity classification under ASC 815-40, and therefore, was not accounted for as a derivative instrument.