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Income taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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