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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
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 | 2025 |  | 2024 |  | 2023
Domestic | $(58,661) |  | $(128,806) |  | $(55,073)
Foreign | 57,386 |  | 51,133 |  | 48,908
Loss before income taxes | $(1,275) |  | $(77,673) |  | $(6,165)
The following table outlines the Company's (Benefit) provision for income taxes:
| Year ended December 31,
In thousands | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $(13) |  | $(15,979) |  | $(311)
State and local | 1,257 |  | 1,780 |  | 1,705
Foreign | 6,002 |  | 7,671 |  | 8,821
Total current | 7,246 |  | (6,528) |  | 10,215
Deferred: |  |  |  |  |
Federal | (12,735) |  | (38,805) |  | 6,436
State and local | (3,180) |  | (2,493) |  | 399
Foreign | 5,639 |  | (3,460) |  | 4,679
Total deferred | (10,276) |  | (44,758) |  | 11,514
(Benefit) provision for income taxes | $(3,030) |  | $(51,286) |  | $21,729
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:
In thousands, except percentages | Year ended December 31, 2025
U.S. federal statutory rate | $(268) | 21.0%
U.S. |  |
State and local income taxes, net of federal income tax effect(a) | (2,187) | 171.5%
Effect of cross-border tax laws |  |
Global intangible low-taxed income | 8,735 | (685.1)%
Other | 95 | (7.5)%
Tax credits |  |
Research and development tax credits | (7,216) | 566.0%
Changes in valuation allowances | (6,454) | 506.2%
Nontaxable or nondeductible items |  |
Nondeductible compensation | 1,360 | (106.7)%
Other | 1,169 | (91.7)%
Other adjustments |  |
Other | 2,160 | (169.4)%
Foreign tax effects |  |
U.K. |  |
Statutory tax rate difference between the U.S. and U.K. | 2,159 | (169.3)%
Foreign exchange and tax rate changes | (1,606) | 126.0%
Changes in valuation allowances | (2,497) | 195.8%
Other | 576 | (45.2)%
Other foreign jurisdictions | (429) | 33.6%
Changes in unrecognized tax benefits | 1,373 | (107.7)%
Benefit for income taxes | $(3,030) | 237.6%
(a) For the year ended December 31, 2025, s tate taxes in Texas and Tennessee made up the majority (greater than 50%) of the tax effect.
| Year ended December 31,
In percentage | 2024 |  | 2023
Federal statutory tax rate | 21.0% |  | 21.0%
(Increase) decrease in taxes resulting from: |  |  |
State and local income taxes, net of federal benefit | (0.5) |  | 3.6
Debt refinancing | 37.8 |  | —
Change in valuation allowance | (0.2) |  | (130.0)
Foreign tax rates differences | (1.0) |  | (9.2)
Non-deductible parking | (0.1) |  | (2.5)
Non-deductible meals, entertainment | (1.0) |  | (12.8)
(Loss) gain on foreign exchange rate | (0.6) |  | 2.4
Stock compensation shortfall | (1.2) |  | (24.2)
Partnership permanent differences | (0.1) |  | (2.0)
Tegna indemnification release | — |  | (2.8)
Foreign entities loss adjustments | (1.4) |  | (1.3)
Newsquest permanent differences | (0.7) |  | (7.6)
Nondeductible compensation | (1.0) |  | (13.4)
Provision to return and deferred tax adjustments | 5.2 |  | (45.1)
Global intangible low-taxed income | (10.0) |  | (112.7)
Branch income | 1.2 |  | 5.4
Profit on non-qualifying land and buildings | 0.2 |  | 0.2
Uncertain tax positions | 19.0 |  | (134.5)
Deduction for interest expense | — |  | 102.7
Impact of non-deductible goodwill | (0.5) |  | —
Other expenses | (0.1) |  | 10.3
Effective tax rate | 66.0% |  | NM
NM indicates not meaningful.
Schedule of Deferred Tax Assets and Liabilities | 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 | 2025 |  | 2024
Deferred tax assets: |  |  |
Fixed assets | $5,961 |  | $4,474
Accrued compensation costs | 9,420 |  | 13,167
Accrued liabilities | 16,041 |  | 17,787
Disallowed interest | 124,816 |  | 121,110
Goodwill | — |  | 162
Capitalized research and development costs | 17,607 |  | 11,572
Partnership investments | — |  | 4,961
Loss carryforwards | 196,585 |  | 203,602
Lease liabilities | 43,248 |  | 50,826
Definite and indefinite lived intangible assets | 7,773 |  | —
Other | 25,414 |  | 15,130
Total deferred tax assets | $446,865 |  | $442,791
Less: Valuation allowances | (298,033) |  | (304,673)
Total net deferred tax assets | $148,832 |  | $138,118
Deferred tax liabilities: |  |  |
Partnership investments | (1,130) |  | —
Goodwill | (825) |  | —
Right-of-use assets | (36,406) |  | (43,157)
Convertible debt | (21,218) |  | (22,472)
Pension and other postretirement benefit obligations | (19,537) |  | (9,380)
Definite and indefinite lived intangible assets | — |  | (7,054)
Total deferred tax liabilities | $(79,116) |  | $(82,063)
Net deferred tax assets | $69,716 |  | $56,055
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, 2025 (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
$304,672 |  | $(10,538) |  | $— |  | $— |  | $3,899 |  | $298,033
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the change in unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
| Year ended December 31,
In thousands | 2025 |  | 2024 |  | 2023
Balance at beginning of year | $41,727 |  | $52,821 |  | $43,697
Additions based on tax positions related to the current year | 1,446 |  | 837 |  | 7,017
Additions for tax positions of prior years | 446 |  | 8 |  | 1,327
Reductions for tax positions of prior years | (574) |  | (11,261) |  | (652)
Reductions due to lapsed statutes of limitations | (12) |  | (137) |  | (208)
Foreign currency translation | 2,999 |  | (541) |  | 1,640
Balance at end of year | $46,032 |  | $41,727 |  | $52,821
Schedule of Cash Paid for Income Taxes, Net of Refunds Received | The following table presents supplementary cash flow information, including non-cash investing and financing activities:
| Year ended December 31,
In thousands | 2025 |  | 2024 |  | 2023
Cash paid for income taxes, net | $10,611 |  | $10,115 |  | $8,222
Cash paid for interest | 84,228 |  | 86,321 |  | 89,335
Non-cash investing and financing activities: |  |  |  |  |
Convertible notes exchange | — |  | 223,614 |  | —
Accrued capital expenditures | 27,075 |  | 39,634 |  | 2,390
The following table summarizes the Company's cash paid for income taxes, net of refunds received:
| Year ended December 31,
In thousands | 2025 |  | 2024 |  | 2023
State and local | $1,623 |  | $738 |  | $920
Foreign: |  |  |  |  |
U.K.(a) | 8,279 |  | 8,929 |  | 6,937
Other | 709 |  | 448 |  | 365
Cash paid for income taxes, net of refunds received | $10,611 |  | $10,115 |  | $8,222
(a) For the years ended December 31, 2025, 2024 and 2023, the U.K. was the only jurisdiction with cash paid for income taxes that equaled or exceeded 5% of total income taxes paid.

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