Company: IHETW
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001400891-25-000009
Chunk: 156

Company: iHeartMedia, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 156
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 provisions effective in 2024 did not have a material impact on our financial results and we do not expect a material impact in future years.

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IHEARTMEDIA, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Significant components of the provision for income tax benefit (expense) are as follows:(In thousands)Year Ended December 31,202420232022Current – Federal$(66,510)$(67,856)$(54,934)Current – foreign(4,845)(3,001)(4,891)Current – state(7,106)(11,393)(19,312)Total current expense(78,461)(82,250)(79,137)Deferred – Federal220,078 91,658 65,553 Deferred – foreign1,682 1,714 1,659 Deferred – state15,103 51,216 7,206 Total deferred benefit236,863 144,588 74,418 Income tax benefit (expense)$158,402 $62,338 $(4,719)The current tax expenses recorded for the years ended December 31, 2024, 2023, and 2022 were primarily related to federal, state, and local tax expenses incurred due to taxable income in excess of available net operating losses during those years, as well as expenses recorded for unrecognized tax benefits reserves during the period.The deferred tax benefits of $236.9 million and $144.6 million recorded in the years ended December 31, 2024 and 2023, respectively, related primarily to the difference of book in excess of tax amortization expense during the years and the disallowance of interest expense deductions under Section 163(j) of the Internal Revenue Code. The 2024 book amortization expense included the FCC license non-cash impairment charge recorded during the second quarter of 2024 discussed in Note 4, Property, Plant and Equipment, Intangible Assets and Goodwill. In addition, the 2024 deferred tax benefits include the net benefit recorded from the debt exchange transaction discussed above. These deferred tax benefits were partially offset by the utilization of net operating loss carryforwards during the current period and the recording of valuation allowance adjustments against certain federal and state deferred tax assets for disallowed interest carryforwards and net operating losses due to the uncertainty of the ability to realize those assets in future years.    

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IHEARTMEDIA, INC. AND SUB