v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income (loss) from continuing operations before income taxes consists of the following components:
(In thousands) | Years Ended December 31,
2025 |  | 2024 |  | 2023
Domestic | $ | 182,190 |  |  | $ | (119,422) |  |  | $ | 239,061 |
Foreign | (34,192) |  |  | (55,075) |  |  | 56,945 |
Total | $ | 147,998 |  |  | $ | (174,497) |  |  | $ | 296,006 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to continuing operations consists of the following components:
(In thousands) | Years Ended December 31,
2025 |  | 2024 |  | 2023
Current expense (benefit): |  |  |  |  |
U.S. federal | $ | 27,671 |  |  | $ | 43,284 |  |  | $ | 9,260 |
U.S. state and local | 20,698 |  |  | 41,990 |  |  | 12,624 |
Foreign | 11,887 |  |  | 20,441 |  |  | 23,517 |
Total current tax expense (benefit) | 60,256 |  |  | 105,715 |  |  | 45,401 |
Deferred expense (benefit): |  |  |  |  |
U.S. federal | (11,329) |  |  | (53,109) |  |  | 46,831 |
U.S. state and local | (1,397) |  |  | (6,631) |  |  | 1,034 |
Foreign | (4,552) |  |  | (3,323) |  |  | 1,871 |
Total deferred tax expense (benefit) | (17,278) |  |  | (63,063) |  |  | 49,736 |
Total income tax expense (benefit): |  |  |  |  |
U.S. federal | 16,342 |  |  | (9,825) |  |  | 56,091 |
U.S. state and local | 19,301 |  |  | 35,359 |  |  | 13,658 |
Foreign | 7,335 |  |  | 17,118 |  |  | 25,388 |
Total income tax expense (benefit) | 42,978 |  |  | 42,652 |  |  | 95,137 |
Tax expense (benefit) relating to uncertain tax positions, including accrued interest | 3,248 |  |  | 838 |  |  | (531) |
Income tax expense (benefit) | $ | 46,226 |  |  | $ | 43,490 |  |  | $ | 94,606 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the federal statutory income tax rate to the effective income tax rate for the year ended December 31, 2025 is as follows:
(in thousands) | Amount | Percent |  |  |  |
U.S. federal statutory income tax rate | $ | 31,080 |  | 21.0 | % |  |  |  |  |  |
Domestic federal |  |  |  |  |  |  |  |
Tax credits |  |  |  |  |  |  |  |
Foreign tax credits | (14,642) |  | (9.9) | % |  |  |  |  |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Nondeductible goodwill impairment | 6,807 |  | 4.6 | % |  |  |  |  |  |
Nondeductible compensation expense | 5,133 |  | 3.5 | % |  |  |  |  |  |
Other | 208 |  | 0.1 | % |  |  |  |  |  |
Effect of cross-border tax laws | (2,511) |  | (1.7) | % |  |  |  |  |  |
Changes in valuation allowances | 4,544 |  | 3.1 | % |  |  |  |  |  |
Other |  |  |  |  |  |  |  |
Deferred tax outside basis adjustment (a) | (17,837) |  | (12.1) | % |  |  |  |  |  |
Share-based payment awards | 2,833 |  | 1.9 | % |  |  |  |  |  |
Other | (1,651) |  | (1.1) | % |  |  |  |  |  |
Domestic state and local income taxes, net of federal effect (b) | 19,285 |  | 13.0 | % |  |  |  |  |  |
Changes in unrecognized tax benefits | 2,523 |  | 1.7 | % |  |  |  |  |  |
Foreign tax effects |  |  |  |  |  |  |  |
Canada |  |  |  |  |  |  |  |
Withholding taxes | 7,726 |  | 5.2 | % |  |  |  |  |  |
United Kingdom |  |  |  |  |  |  |  |
Tax incentive adjustment | (11,301) |  | (7.6) | % |  |  |  |  |  |
Changes in valuation allowances | 11,269 |  | 7.6 | % |  |  |  |  |  |
Nontaxable income attributable to noncontrolling interests | (2,374) |  | (1.6) | % |  |  |  |  |  |
Other | 667 |  | 0.5 | % |  |  |  |  |  |
Spain |  |  |  |  |  |  |  |
Tax incentive adjustment | (5,944) |  | (4.0) | % |  |  |  |  |  |
Nondeductible goodwill impairment | 4,112 |  | 2.8 | % |  |  |  |  |  |
Changes in valuation allowances | 2,718 |  | 1.8 | % |  |  |  |  |  |
Other | (984) |  | (0.7) | % |  |  |  |  |  |
Other jurisdictions |  |  |  |  |  |  |  |
Withholding taxes | 4,174 |  | 2.8 | % |  |  |  |  |  |
Other | 391 |  | 0.3 | % |  |  |  |  |  |
Total income tax expense/(benefit) | $ | 46,226 |  | 31.2 | % |  |  |  |  |  |
(a) This amount relates to a reversal of a deferred tax liability resulting from an ownership interest change of RLJ Entertainment. (b) This amount includes an $11.4 million adjustment primarily related to a write-down of a state investment tax credit receivable. During the year ended December 31, 2025, state taxes in California, New York and Pennsylvania compromised greater than 50% of the tax effect in this category after adjusting for the $11.4 million above. A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
(In thousands) |  |  | Years Ended December 31,
|  | 2024 |  | 2023
U.S. federal statutory income tax rate |  |  | 21 | % |  | 21 | %
State and local income taxes, net of federal benefit |  |  | (1) |  |  | 4 |
Effect of foreign operations (a) |  |  | (11) |  |  | 1 |
Nondeductible compensation expenses |  |  | (3) |  |  | 2 |
Excess tax deficiencies related to share-based compensation |  |  | (1) |  |  | 1 |
Changes in the valuation allowance (b) |  |  | 1 |  |  | 3 |
Investment tax credit benefit/expense (c) |  |  | (19) |  |  | — |
Nondeductible goodwill impairment charges |  |  | (9) |  |  | — |
Expiration of foreign tax credits |  |  | (4) |  |  | — |
Other |  |  | 1 |  |  | — |
Effective income tax rate |  |  | (25) | % |  | 32 | %
(a)In the years ended December 31, 2024 and 2023, the effect of foreign operations relates to the income tax benefit or expense as a result of certain entities operating in foreign jurisdictions (inclusive of the nondeductible goodwill impairment charges at AMCNI). (b)In the year ended December 31, 2024, the decrease in the valuation allowance relates primarily to the expiration of foreign tax credits and utilization of foreign deferred tax assets offset by the generation of excess foreign tax credits. (c)In the year ended December 31, 2024, the increase in the investment tax credit benefit/expense relates primarily to a write-down of a state investment tax credit receivable.
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant components of deferred tax assets or liabilities at December 31, 2025 and 2024 are as follows:
(In thousands) | December 31,
2025 |  | 2024
Deferred Tax Asset (Liability) |  |  |
NOLs and tax credit carryforwards | $ | 122,916 |  |  | $ | 96,968 |
Compensation and benefit plans | 19,695 |  |  | 20,128 |
Allowance for doubtful accounts | 1,440 |  |  | 1,729 |
Fixed assets and intangible assets | 21,527 |  |  | 23,411 |
Accrued interest expense | 6,049 |  |  | 28,148 |
Unused capital losses | 13,116 |  |  | 19,148 |
Accrued liabilities and other | 22,402 |  |  | 23,927 |
Deferred tax asset | 207,145 |  |  | 213,459 |
Valuation allowance | (142,368) |  |  | (127,563) |
Net deferred tax asset | 64,777 |  |  | 85,896 |
Prepaid liabilities | (770) |  |  | (664) |
Fixed assets and intangible assets | (61,270) |  |  | (69,203) |
Investments in partnerships | (86,408) |  |  | (99,864) |
Other | (6,712) |  |  | (24,284) |
Deferred tax liability | (155,160) |  |  | (194,015) |
Total net deferred tax liability | $ | (90,383) |  |  | $ | (108,119) |
Schedule of Deferred Tax Assets Valuation Allowance | Deferred Tax Assets - Valuation Allowance
(In thousands) | 2025 | 2024
Balance at beginning of year | $ | 127,563 |  | $ | 135,742 |
Charged (credited) to expense | 11,048 |  | (8,160) |
Other (a) | 3,757 |  | (19) |
Balance at end of year | $ | 142,368 |  | $ | 127,563 |
(a)Includes currency translation adjustments and other miscellaneous items.
Schedule of Unrecognized Tax Benefits Reconciliation | A reconciliation of the beginning to ending amount of the liability for uncertain tax positions (excluding related accrued interest and deferred tax benefit) is as follows:
(In thousands) |
Balance at December 31, 2024 | $ | 5,949 |
Increases related to current year tax positions | 478 |
Increases related to prior year tax positions | 1,678 |
Decreases related to prior year tax positions | (45) |
Decreases due to settlements/payments | (834) |
Decreases due to lapse of statute of limitations | (561) |
Balance at December 31, 2025 | $ | 6,665 |
Schedule of Income Taxes Paid, Net | The following table summarizes income taxes paid, net, for the year ended December 31, 2025:
(In thousands) |  |  |  |  |
U.S. Federal | $ | 28,000 |  |  |  |  |
U.S State and local | 6,637 |  |  |  |  |
Foreign | 11,753 |  |  |  |  |
Total income taxes paid, net | $ | 46,390 |  |  |  |  |
The following table details the Company's non-cash investing and financing activities and other supplemental data:
(In thousands) | Years Ended December 31,
2025 |  | 2024 |  | 2023
Non-Cash Investing and Financing Activities: |  |  |  |  |
Operating lease additions | $ | 33,056 |  |  | $ | 8,272 |  |  | $ | 7,647 |
Finance lease additions | 2,625 |  |  | 2,991 |  |  | — |
Capital expenditures incurred but not yet paid | 1,310 |  |  | 1,765 |  |  | 974 |
Supplemental Data: |  |  |  |  |
Cash interest paid | 156,563 |  |  | 129,164 |  |  | 149,535 |

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