Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 12: Income Taxes Income tax expense was $64 million for the three months ended June 30, 2026 compared to income tax expense of $39 million for the same period in 2025. The Company’s effective tax rates were 36.2% and 30.0% for each of the respective periods. An increase in the valuation allowance resulted in a 4.9% increase to the effective tax rate. Permanent differences, including non-deductible transaction costs and reduced excess benefits from vesting of restricted stock units, resulted in a 2.2% increase to the effective tax rate. Income tax expense was $57 million for the six months ended June 30, 2026 compared to income tax expense of $80 million for the same period in 2025. The Company’s effective tax rates were 17.3% and 29.9% for each of the respective periods. As a result of the TEGNA acquisition, the Company remeasured the historical net deferred tax liability to reflect a lower federal/state blended tax rate resulting from the consolidation. This resulted in a discrete tax benefit of approximately $47 million, or a 14.2% decrease to the effective tax rate. These decreases were partially offset by an increase in the valuation allowance which resulted in a 2.9% increase to the effective tax rate. The Company calculates its year-to-date provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusts the provision for discrete tax items recorded in the period. Future changes in the forecasted annual income projections could result in significant adjustments to quarterly income tax expense in future periods. |