Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 150

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 150
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 operations before income taxes was as follows:(In thousands)Year Ended December 31,202420232022U.S.$(129,658)$(184,894)$(81,430)Foreign(3,471)1,771 2,444 Total loss from continuing operations before income taxes$(133,129)$(183,123)$(78,986)The reconciliation of income tax benefit computed at U.S. federal statutory rates to income tax benefit attributable to continuing operations is as follows:(In thousands)Year Ended December 31,202420232022AmountPercent(1)AmountPercent(1)AmountPercent(1)Income tax benefit at statutory rates$27,957 21.0 %$38,456 21.0 %$16,587 21.0 %State income taxes, net of federal tax effect6,293 4.7 %7,778 4.2 %3,683 4.7 %Foreign income taxes45 — %(474)(0.3)%55 0.1 %Nondeductible items(619)(0.5)%(7,914)(4.3)%(3,264)(4.1)%Changes in valuation allowance and other estimates(24,784)(18.6)%(20,454)(11.2)%79,352 100.5 %Other, net473 0.4 %6,287 3.4 %(6,506)(8.2)%Income tax benefit attributable to continuing operations$9,365 7.0 %$23,679 12.9 %$89,907 113.8 %(1)Due to rounding, the total may not equal the sum of the percentages in the table above.The effective tax rates for continuing operations of 7.0%, 12.9% and 113.8% in 2024, 2023 and 2022, respectively, were largely impacted by increases in the valuation allowance recorded against deferred tax assets, primarily related to interest expense carryforwards, due to uncertainty regarding the Company’s ability to realize those assets in future periods. In 2022, however, this was more than offset by a reduction in the valuation allowance driven by the classification change of permit intangible assets from indefinite-lived to finite-lived for financial reporting purposes.Unrecognized Tax BenefitsA reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:(In thousands)