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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Loss Before Income Taxes and (Benefit) Provision for Income Taxes | The following table outlines the Company's Loss before income taxes:
| Year ended December 31,
In thousands | 2024 |  | 2023 |  | 2022
Domestic | $(128,806) |  | $(55,073) |  | $(121,840)
Foreign | 51,133 |  | 48,908 |  | 44,934
Loss before income taxes | $(77,673) |  | $(6,165) |  | $(76,906)
The following table outlines the Company's (Benefit) provision for income taxes:
| Year ended December 31,
In thousands | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $(15,979) |  | $(311) |  | $(3,579)
State and local | 1,780 |  | 1,705 |  | 804
Foreign | 7,671 |  | 8,821 |  | 1,575
Total current | (6,528) |  | 10,215 |  | (1,200)
Deferred: |  |  |  |  |
Federal | (38,805) |  | 6,436 |  | (692)
State and local | (2,493) |  | 399 |  | (5,868)
Foreign | (3,460) |  | 4,679 |  | 9,109
Total deferred | (44,758) |  | 11,514 |  | 2,549
(Benefit) provision for income taxes | $(51,286) |  | $21,729 |  | $1,349
Schedule of Reconciliation of Effective Tax Rate | The effective tax rate varies from the federal statutory tax rate as a result of the following differences:
| Year ended December 31,
In percentage | 2024 |  | 2023 |  | 2022
Federal statutory tax rate | 21.0% |  | 21.0% |  | 21.0%
(Increase) decrease in taxes resulting from: |  |  |  |  |
State and local income taxes, net of federal benefit | (0.5) |  | 3.6 |  | 6.0
Debt refinancing | 37.8 |  | — |  | —
Change in valuation allowance | (0.2) |  | (130.0) |  | (30.9)
Foreign tax rates differences | (1.0) |  | (9.2) |  | 0.4
Non-deductible parking | (0.1) |  | (2.5) |  | (0.2)
Non-deductible meals, entertainment | (1.0) |  | (12.8) |  | (0.9)
(Loss) gain on foreign exchange rate | (0.6) |  | 2.4 |  | 0.4
Stock compensation shortfall | (1.2) |  | (24.2) |  | (0.2)
Partnership permanent differences | (0.1) |  | (2.0) |  | (0.1)
Tegna indemnification release | — |  | (2.8) |  | (0.7)
Foreign entities loss adjustments | (1.4) |  | (1.3) |  | (1.6)
Newsquest permanent differences | (0.7) |  | (7.6) |  | (0.1)
Nondeductible compensation | (1.0) |  | (13.4) |  | (2.3)
Provision to return and deferred tax adjustments | 5.2 |  | (45.1) |  | 5.4
Global intangible low-taxed income | (10.0) |  | (112.7) |  | (4.6)
Branch income | 1.2 |  | 5.4 |  | 1.2
Profit on non-qualifying land and buildings | 0.2 |  | 0.2 |  | 0.1
Uncertain tax positions | 19.0 |  | (134.5) |  | (2.6)
Deduction for interest expense | — |  | 102.7 |  | 8.5
Impact of non-deductible goodwill | (0.5) |  | — |  | —
Other expenses | (0.1) |  | 10.3 |  | (0.6)
Effective tax rate | 66.0% |  | NM |  | (1.8)%
NM indicates not meaningful.
Schedule of Deferred Tax Liabilities and Assets | The tax effects of each type of temporary differences and carryforwards that give rise to significant portions of our deferred tax assets and deferred tax liabilities are presented below:
| December 31,
In thousands | 2024 |  | 2023
Deferred tax assets: |  |  |
Fixed assets | $4,474 |  | $—
Accrued compensation costs | 13,167 |  | 12,900
Accrued liabilities | 17,787 |  | 14,676
Disallowed interest | 121,110 |  | 115,030
Goodwill | 162 |  | 3,200
Capitalized research and development costs | 11,572 |  | 9,743
Partnership investments | 4,961 |  | 4,231
Loss carryforwards | 203,602 |  | 224,505
Lease liabilities | 50,826 |  | 58,828
Other | 15,130 |  | 17,257
Total deferred tax assets | $442,791 |  | $460,370
Less: Valuation allowances | (304,673) |  | (312,038)
Total net deferred tax assets | $138,118 |  | $148,332
Deferred tax liabilities: |  |  |
Fixed assets | $— |  | $(5,565)
Right of use asset | (43,157) |  | (60,384)
Convertible debt | (22,472) |  | (18,441)
Pension and other postretirement benefit obligations | (9,380) |  | (8,388)
Definite and indefinite lived intangible assets | (7,054) |  | (20,457)
Total deferred tax liabilities | $(82,063) |  | $(113,235)
Net deferred tax assets | $56,055 |  | $35,097
Schedule of Valuation Allowance | The following table summarizes the activity related to our valuation allowance for deferred tax assets for the year ended December 31, 2024 (In thousands):
Balance at beginning of period |  | Additions/ (reductions) charged to expenses |  | Additions/ (reductions) for acquisitions/ dispositions |  | Other additions to (deductions from) reserves |  | Foreign currency translation |  | Balance at end of period
$312,037 |  | $(7,985) |  | $— |  | $— |  | $620 |  | $304,672
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
| Year ended December 31,
In thousands | 2024 |  | 2023 |  | 2022
Change in unrecognized tax benefits: |  |  |  |  |
Balance at beginning of year | $52,821 |  | $43,697 |  | $46,082
Additions based on tax positions related to the current year | 837 |  | 7,017 |  | 5,411
Additions for tax positions of prior years | 8 |  | 1,327 |  | —
Reductions for tax positions of prior years | (11,261) |  | (652) |  | (2,664)
Reductions due to lapsed statutes of limitations | (137) |  | (208) |  | (2,264)
Foreign currency translation | (541) |  | 1,640 |  | (2,868)
Balance at end of year | $41,727 |  | $52,821 |  | $43,697

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