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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12: Income Taxes Income tax expense was $39 million for the three months ended June 30, 2025 compared to $43 million for the same period in 2024. The effective tax rates were 30.0% and 28.9% for each of the respective periods. For the three months ended June 30, 2025, permanent differences, including losses related to the minority interest in The CW, and excess benefit from vesting of restricted stock units resulted in a 2.4% increase to the effective tax rate. Changes in the valuation allowance resulted in a 1.4% decrease to the effective tax rate. Income tax expense was $80 million for the six months ended June 30, 2025 compared to $105 million for the same period in 2024. The effective tax rates were 29.9% and 27.8% for each of the respective periods. For the six months ended June 30, 2025, permanent differences, including losses related to the minority interest in The CW, and excess benefit from vesting of restricted stock units resulted in a 2.0% 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. On July 4, 2025, H.R.1, also known as the “One Big Beautiful Bill Act” was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. The Company is currently evaluating the provisions of the new law and the potential effects on its consolidated financial statements. As of the date of these financial statements, the Company has not completed its assessment. Additional disclosures will be provided in future periods, as required, as the impact of the legislation is determined.

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