Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes We recorded a $2.1 million tax provision, or (207)% effective tax rate for the three months ended March 31, 2025, compared to a $0.7 million, or 32% effective tax rate for the three months ended March 31, 2024. The primary driver in the effective tax rate is the company's losses in the US while maintaining its full valuation allowance position on U.S. deferred tax assets. Income tax expense is based on an estimated annual effective tax rate, which requires management to make its best estimate of annual pretax income or loss. During the year, management regularly updates forecasted annual pretax results for the various countries in which the Company operates based on changes in factors such as prices, shipments, product mix, material inflation and manufacturing operations. To the extent that actual 2025 pretax results for U.S. and foreign income or loss vary from estimates, the actual income tax expense recognized in 2025 could be different from the forecasted amount used to estimate the income tax expense for the three months ended March 31, 2025. For the three months ended March 31, 2025 and 2024, cash paid for taxes, net of refunds received, were $0.8 million and $1.9 million, respectively.
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