XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.25.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes We file a consolidated federal income tax return, consolidated unitary returns in certain states, other separate state income tax returns for certain of our subsidiary companies, and applicable foreign returns. The components of income (loss) for operations before income taxes consisted of the following:
|  | For the years ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Domestic |  | $ | (121,691) |  |  | $ | 207,784 |  |  | $ | (962,902) |
Foreign |  | 2,189 |  |  | 2,197 |  |  | (4,609) |
Total |  | $ | (119,502) |  |  | $ | 209,981 |  |  | $ | (967,511) |
The provision for income taxes from operations consisted of the following:
|  | For the years ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |
Federal |  | $ | 4,580 |  |  | $ | 64,533 |  |  | $ | 34,205 |
State and local |  | 5,363 |  |  | 11,644 |  |  | 8,010 |
Foreign |  | 263 |  |  | 1,053 |  |  | — |
Total current income tax provision |  | 10,206 |  |  | 77,230 |  |  | 42,215 |
Deferred: |  |  |  |  |  |
Federal |  | (24,151) |  |  | (14,663) |  |  | (53,476) |
State and local |  | (4,527) |  |  | 1,222 |  |  | (7,278) |
Foreign |  | (153) |  |  | (26) |  |  | (1,188) |
Total deferred income tax provision |  | (28,831) |  |  | (13,467) |  |  | (61,942) |
Provision (benefit) for income taxes |  | $ | (18,625) |  |  | $ | 63,763 |  |  | $ | (19,727) |
The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:
|  | For the years ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
U.S. federal statutory rate |  | $ | (25,095) |  |  | 21.0 | % |  | $ | 44,096 |  |  | 21.0 | % |  | $ | (203,177) |  |  | 21.0 | %
State and local income taxes, net of federal income tax effect * |  | (389) |  |  | 0.3 |  |  | 9,025 |  |  | 4.2 |  |  | (1,258) |  |  | 0.1 |
Foreign tax effects |  | (350) |  |  | 0.3 |  |  | 565 |  |  | 0.3 |  |  | (220) |  |  | — |
Nontaxable or non-deductible items: |  |  |  |  |  |  |  |  |  |  |  |
Non-deductible goodwill impairment |  | — |  |  | — |  |  | — |  |  | — |  |  | 179,630 |  |  | (18.6) |
Equity compensation tax windfall/shortfall deduction |  | 2,614 |  |  | (2.2) |  |  | 3,157 |  |  | 1.5 |  |  | 1,507 |  |  | (0.2) |
Non-deductible executive compensation |  | 761 |  |  | (0.6) |  |  | 2,373 |  |  | 1.1 |  |  | 995 |  |  | (0.1) |
Other non-deductible expenses |  | 1,106 |  |  | (0.9) |  |  | 755 |  |  | 0.4 |  |  | 771 |  |  | — |
Changes in unrecognized tax benefits |  | 251 |  |  | (0.2) |  |  | 2,016 |  |  | 1.0 |  |  | 334 |  |  | — |
Other adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Federal accrued interest on deferred gain |  | 1,700 |  |  | (1.4) |  |  | 1,802 |  |  | 0.9 |  |  | 1,514 |  |  | (0.2) |
Other |  | 777 |  |  | (0.7) |  |  | (26) |  |  | — |  |  | 177 |  |  | — |
Effective income tax rate |  | $ | (18,625) |  |  | 15.6 | % |  | $ | 63,763 |  |  | 30.4 | % |  | $ | (19,727) |  |  | 2.0 | %
* The states that contribute to the majority (greater than 50%) of the tax effect in this category include Michigan for 2025, California, Michigan, Florida, Texas, Montana and Arizona for 2024 and Georgia, Michigan, Texas, Cincinnati, Ohio, Arizona, Indiana, Colorado, Wisconsin, Tennessee, New York, Connecticut, Louisiana, Kentucky, Montana, California, Oklahoma and Philadelphia, Pennsylvania for 2023. In 2023, a non-deductible expense of $855 million was recorded related to book impairment of goodwill. The components of cash paid for income taxes, net of refunds received, was as follows:
|  | For the years ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Federal |  | $ | 10,000 |  |  | $ | 62,991 |  |  | $ | 31,200 |
State: |  |  |  |  |  |
Florida |  | — |  |  | — |  |  | (5,421) |
Other |  | 3,323 |  |  | 8,820 |  |  | 5,342 |
Foreign |  | — |  |  | — |  |  | — |
Income taxes paid, net of refunds received |  | $ | 13,323 |  |  | $ | 71,811 |  |  | $ | 31,121 |
The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows:
|  | As of December 31,
(in thousands) |  | 2025 |  | 2024
Temporary differences: |  |  |  |
Property and equipment |  | $ | (40,219) |  |  | $ | (38,383) |
Goodwill and other intangible assets |  | (381,863) |  |  | (377,291) |
Investments, primarily gains and losses not yet recognized for tax purposes |  | 2,381 |  |  | 4,980 |
Accrued expenses not deductible until paid |  | 10,494 |  |  | 11,912 |
Deferred compensation and retiree benefits not deductible until paid |  | 26,526 |  |  | 29,013 |
Operating lease right-of-use assets |  | (31,107) |  |  | (29,829) |
Operating lease liabilities |  | 35,170 |  |  | 32,888 |
Interest limitation carryforward |  | 79,251 |  |  | 59,070 |
Other temporary differences, net |  | 15,846 |  |  | 12,599 |
Total temporary differences |  | (283,521) |  |  | (295,041) |
Federal and state net operating loss carryforwards |  | 27,359 |  |  | 12,332 |
Valuation allowance for state deferred tax assets |  | (12,067) |  |  | (10,880) |
Net deferred tax liability |  | $ | (268,229) |  |  | $ | (293,589) |
The Company has a federal operating loss carryforward of $62 million and state operating loss carryforwards of $322 million at December 31, 2025. Our state tax loss carryforwards expire through 2044. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company. The Company recognizes federal and state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. The Company has not provided for income taxes, including withholding tax, U.S. state taxes, or tax on foreign exchange rate changes, associated with the undistributed earnings of our non-U.S. subsidiaries because we plan to indefinitely reinvest the unremitted earnings in these entities. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
|  | For the years ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Gross unrecognized tax benefits at beginning of year |  | $ | 28,099 |  |  | $ | 15,030 |  |  | $ | 12,124 |
Increases in tax positions for prior years |  | 1,184 |  |  | 6,055 |  |  | 3,321 |
Decreases in tax positions for prior years |  | (788) |  |  | (217) |  |  | (2) |
Increases in tax positions for current year |  | 7,152 |  |  | 7,483 |  |  | 257 |
Decreases from lapse in statute of limitations |  | (1,992) |  |  | (252) |  |  | (670) |
Decreases due to settlements with taxing authorities |  | (26) |  |  | — |  |  | — |
Gross unrecognized tax benefits at end of year |  | $ | 33,629 |  |  | $ | 28,099 |  |  | $ | 15,030 |
The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $12.4 million at December 31, 2025. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2025 and 2024, we had accrued interest related to unrecognized tax benefits of $4.9 million and $3.4 million, respectively, and penalties of $1.7 million and $1.3 million, respectively. We file income tax returns in the U.S., Canada and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2025, we are no longer subject to federal income tax examinations for years prior to 2022. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2021.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477617/942-740-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478822/944-740-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration