Company: CCO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001334978-25-000008
Chunk: 147

Company: Clear Channel Outdoor Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 147
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 zoning and other regulatory provisions, either enacted or proposed. The impact to the Company of loss of displays due to governmental action has been somewhat mitigated by Federal and state laws mandating compensation for such loss and constitutional restraints.

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Table of ContentsCLEAR CHANNEL OUTDOOR HOLDINGS, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9 – INCOME TAXES 

Income Tax Benefit Attributable to Continuing OperationsThe Company’s income tax benefit attributable to continuing operations for 2024, 2023 and 2022 consisted of the following components: (In thousands)Year Ended December 31,202420232022Current - federal$(516)$(4,356)$(701)Current - state(2,565)(439)(2,278)Current - foreign(197)(403)(139)Total current tax expense attributable to continuing operations(3,278)(5,198)(3,118)Deferred - federal15,081 23,120 71,304 Deferred - state(3,410)6,200 22,041 Deferred - foreign972 (443)(320)Total deferred tax benefit attributable to continuing operations12,643 28,877 93,025 Income tax benefit attributable to continuing operations$9,365 $23,679 $89,907 The Company recognized income tax benefit attributable to continuing operations of $9.4 million, $23.7 million and $89.9 million in 2024, 2023 and 2022, respectively. In each of these years, the income tax benefit is partially offset by deferred tax expense related to increases in the valuation allowance, primarily related to interest expense carryforwards, due to uncertainty regarding the Company’s ability to realize those assets in future periods.The deferred tax benefit for 2022 was primarily driven by a partial release of the U.S valuation allowance due to the Company’s assessment of its deferred tax liabilities associated with billboard permits that will reverse in the future, thereby generating future taxable income for the realization of U.S deferred tax assets. Prior to 2022, permits were treated as indefinite-lived intangible assets and were not amortized for financial reporting purposes. Refer to Note 2 for more information on the change in accounting estimate related to amortization of the Company’s permits. Pillar Two Minimum TaxOn December 20, 2021, the Organization for Economic Cooperation and Development released the Pillar Two model rules, providing