Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 12: Income Taxes Income tax expense was $93 million for the three months ended September 30, 2026 compared to income tax expense of $31 million for the same period in 2025. The Company’s effective tax rates were 27.1% and 32.3% for each of the respective periods. A decrease in the valuation allowance for the VIEs resulted in a 4.8% decrease to the effective tax rate. Income tax expense was $150 million for the nine months ended September 30, 2026 compared to income tax expense of $111 million for the same period in 2025. The Company’s effective tax rates were 22.3% and 30.5% 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 6.9% decrease to the effective tax rate. A decrease in the valuation allowance for the VIEs resulted in a 0.7% decrease 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. |