v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes
U.S. and foreign (loss) earnings from continuing operations before income taxes and noncontrolling interests are as follows:
Year Ended December 31,
202520242023
(In thousands)
U.S. $77,412 $(776,331)$304,349 
Foreign1,764 14,556 1,135 
Total$79,176 $(761,775)$305,484 
Schedule of Components of Income Tax Provision (Benefit)
The components of the income tax provision (benefit) are as follows:
Year Ended December 31,
202520242023
(In thousands)
Current income tax provision:
Federal$1,872 $1,846 $1,280 
State3,513 4,413 5,311 
Foreign1,947 6,420 1,645 
Current income tax provision7,332 12,679 8,236 
Deferred income tax provision (benefit):
Federal13,744 (140,350)54,498 
State6,842 (22,158)10,037 
Foreign161 (112)50 
     Deferred income tax provision (benefit) 20,747 (162,620)64,585 
Income tax provision (benefit)$28,079 $(149,941)$72,821 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the income tax (benefit) provision to the amounts computed by applying the statutory federal income tax rate to earnings from continuing operations before income taxes is shown as follows:
Year Ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
(Dollars in thousands)
Income tax provision (benefit) at the federal statutory rate$16,627 21.0%$(159,973)21.0%$64,152 21.0%
State and local income taxes, net of effect of federal tax benefit(a)
6,720 8.5(11,420)1.53,582 1.2
Foreign tax effects2,483 3.14,796 (0.6)2,415 0.8
Tax credits:
Research and development credits(2,463)(3.1)(4,692)0.6(3,224)(1.1)
Other(361)(0.4)(1,039)0.1— —
Change in valuation allowances(2,761)(3.5)(4,940)0.6(41)0.0
Non-taxable or non-deductible items:
Excess tax benefits of stock-based compensation(2,746)(3.5)(1,163)0.2(1,953)(0.6)
Non-deductible transaction costs1,121 1.4533 (0.1)— —
Non-deductible executive compensation373 0.58,170 (1.1)6,869 2.2
Non-deductible goodwill in the sale of Mosaic— —17,865 (2.3)— —
Other2,947 3.72,414 (0.3)1,439 0.5
Other adjustments:
Deferred tax adjustments6,778 8.6954 (0.1)248 0.1
Other(639)(0.8)(1,446)0.2(666)(0.3)
Income tax provision (benefit)$28,079 35.5%$(149,941)19.7%$72,821 23.8%
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(a)    State and local taxes in New York City, New York and Iowa for the year ended December 31, 2025, California and New York for the year ended December 31, 2024 and California and New York City for the year ended December 31, 2023 made up the majority (greater than 50%) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized.
December 31,
20252024
(In thousands)
Deferred tax assets:
Net operating loss carryforwards$239,044 $193,884 
Capitalized research and development expenditures62,931 58,713 
Long-term lease liabilities45,244 82,645 
Tax credit carryforwards43,814 37,699 
Accrued expenses23,066 38,015 
Stock-based compensation13,814 33,626 
Other49,959 36,986 
Total deferred tax assets477,872 481,568 
Less: valuation allowance(59,867)(61,604)
Total deferred tax assets, net of valuation allowance418,005 419,964 
Deferred tax liabilities:
Investment in MGM(255,893)(225,223)
Investment in subsidiaries(222,412)(218,658)
Intangible assets, net of accumulated amortization(83,017)(88,758)
ROU assets(37,000)(52,099)
Other(26,930)(37,911)
Total deferred tax liabilities(625,252)(622,649)
Net deferred tax liabilities$(207,247)$(202,685)
Schedule of Cash Flow, Supplemental Disclosures
A summary of income taxes paid, net of refunds, is as follows:
Year Ended December 31,
202520242023
(In thousands)
Federal$3,178 $100 $93 
State1,736 2,788 6,924 
Foreign 4,773 6,924 2,484 
Total$9,687 $9,812 $9,501 
Income taxes paid, net of refunds, exceeded five percent of total income taxes paid, net of refunds, in the following jurisdictions:
Year Ended December 31,
202520242023
(In thousands)
Federal$3,178 **
State:
California$(618)*$654 
Illinois**$1,262 
New York**$960 
Pennsylvania$501 *$622 
Tennessee*$810 *
Texas$831 $724 *
Foreign:
Austria$3,044 $5,070 *
Germany$1 **
India$674 $795 $648 
* Jurisdiction below the threshold for the period presented.
Year Ended December 31,
202520242023
(In thousands)
Cash paid during the year for interest, net(f)
$115,584 $131,235 $136,797 
(f)     The years ended December 31, 2025, 2024 and 2023 include receipts of $1.7 million, $5.0 million and $3.2 million, respectively, related to the Interest Rate Swaps.
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits, including penalties but excluding interest, is as follows:
Year Ended December 31,
202520242023
(In thousands)
Balance at January 1$10,712 $8,667 $7,787 
Additions for tax positions related to the current year1,672 2,184 2,687 
Settlements— — (2,069)
Additions for tax positions of prior years37 10 614 
Reductions for tax positions of prior years(34)(149)(352)
Expiration of statutes(283)— — 
Balance at December 31$12,104 $10,712 $8,667