v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense Benefit Income before income taxes and equity in net income of unconsolidated investments, and current and deferred income tax expense (benefit) are composed of the following (in thousands):
Year Ended December 31,
202520242023
Income before income taxes and equity in net income of unconsolidated investments:
Domestic$(624,724)$201,266 $(461,897)
Foreign72,651 (1,965,091)708,635 
Total$(552,073)$(1,763,825)$246,738 
Current income tax expense (benefit):
Federal$(11,226)$212,542 $(54,250)
State1,683 (450)(3,395)
Foreign85,255 105,399 387,045 
Total$75,712 $317,491 $329,400 
Deferred income tax expense (benefit):
Federal$53,058 $(172,464)$(8,545)
State21,183 1,523 (4,154)
Foreign6,928 (59,465)113,576 
Total$81,169 $(230,406)$100,877 
Total income tax expense$156,881 $87,085 $430,277 
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate
Following the adoption and prospective application of Accounting Standards Update (“ASU”) 2023-09, the reconciliation of the U.S. federal statutory rate to the effective income tax rate for the year ended December 31, 2025 is as follows (in thousands, except percentages):
Year Ended December 31,
2025
$%
Federal statutory rate$(115,935)21.0 %
State and local income tax, net of federal tax effect(a)
22,513 (4.1)
Foreign tax effects:
China
Statutory tax rate difference5,318 (1.0)
Change in valuation allowance8,692 (1.6)
Other(2,885)0.5 
Chile
Statutory tax rate difference2,200 (0.4)
State and local income tax (mining tax)7,066 (1.3)
Non-deductible payments7,265 (1.3)
Other2,430 (0.4)
Jordan
Statutory tax rate difference3,580 (0.6)
Tax rate incentive(28,639)5.2 
Netherlands
Statutory tax rate difference(7,929)1.4 
Non-deductible goodwill impairment46,712 (8.4)
Pillar two tax impact10,855 (2.0)
Return to provision(7,860)1.4 
Other(3,487)0.6 
United Kingdom
Non-deductible payments16,858 (3.1)
Other2,752 (0.5)
Other foreign jurisdictions15,103 (2.7)
Effect of cross-border tax laws:
Subpart F income5,573 (1.0)
Outside basis difference(79,899)14.5 
Tax credits:
Research and development(1,748)0.3 
Change in valuation allowance192,584 (34.9)
Non-taxable or non-deductible items:
Long-lived asset impairment51,576 (9.3)
Section 162(m) limitation7,876 (1.4)
Other, net(2,413)0.5 
Change in unrecognized tax benefits(1,277)0.2 
Effective income tax rate$156,881 (28.4)%
(a)State taxes in Louisiana and Pennsylvania made up the majority (greater than 50%) of the tax effect in this category.
The reconciliation of the U.S. federal statutory rate to the effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
Year Ended December 31,
20242023
Federal statutory rate21.0 %21.0 %
State taxes, net of federal tax effect— (2.8)
Change in valuation allowance(a)
(26.0)98.8 
Impact of foreign earnings, net(b)
3.3 7.7 
Global intangible low tax inclusion— 4.2 
Section 162(m) limitation(0.3)4.4 
Subpart F income(0.3)(1.9)
Stock-based compensation— (3.9)
Depletion0.3 (2.4)
U.S. federal return to provision0.1 (6.1)
Change in unrecognized tax benefits(c)
(2.1)39.1 
Legal accrual— 18.6 
Other, net(0.9)(2.3)
Effective income tax rate(4.9)%174.4 %
(a)Our statutory rate is decreased by our share of the income of JBC, a Free Zones company under the laws of the Hashemite Kingdom of Jordan. The applicable provisions of the Jordanian law, and applicable regulations thereunder, do not have a termination provision and the exemption is indefinite. As a Free Zones company, JBC is not subject to income taxes on the profits of products exported from Jordan, and currently, substantially all of the profits are from exports. This resulted in a rate benefit of 1.2%, and 20.1% for the years ended December 31, 2024 and 2023, respectively.
(b)Due to the Company being in a three-year cumulative loss position in China as of December 31, 2023, and Australia as of December 31, 2024, the year ended December 31, 2024 includes a valuation allowance of $271.0 million on current year losses in certain Chinese entities and the establishment of a valuation of $254.9 million on current year losses in the Company’s Australian entities. In addition, the year ended December 31, 2024 includes benefits of $70.1 million due to the release of a foreign valuation allowance due to changes in expected profitability.
(c)    The year ended December 31, 2024 includes a $37.0 million expense recorded for a current year tax reserve related to an uncertain tax position in Chile.
Income Taxes Paid (Net of Refunds)
Supplemental information related to the consolidated statements of cash flows is as follows (in thousands):
Year Ended December 31,
202520242023
Cash paid during the year for:
Income taxes (net of refunds of $159,392, $67,132 and $31,386 in 2025, 2024 and 2023, respectively)
$152,482 $262,845 $319,391 
Interest (net of capitalization)$180,705 $150,689 $101,978 
Supplemental non-cash disclosures related to investing and financing activities:
Capital expenditures included in Accounts payable$120,366 $197,951 $494,029 
Common stock issued for annual incentive bonus plan(a)
$— $11,545 $— 
(a)    During the first quarter of 2024, the Company issued 95,003 shares of common stock to certain employees in lieu of cash as payment of a portion of their 2023 annual incentive bonus plan.
Following the adoption and prospective application of ASU 2023-09, income taxes paid (net of refunds) are composed of the following (in thousands):
Year Ended
December 31, 2025
Federal income taxes paid (net of refunds)$23,459 
State income taxes paid (net of refunds)(a)
(1,645)
Foreign
Australia(33,377)
Belgium(10,627)
Canada7,762 
Chile113,485 
China5,784 
Germany13,825 
Japan12,427 
Netherlands3,712 
Taiwan10,195 
Other7,482 
Total foreign income taxes paid (net of refunds)130,668 
Total income taxes paid (net of refunds)$152,482 
(a)Income taxes paid to state jurisdictions are individually immaterial.
Deferred Income Tax Assets and Liabilities Recorded on Consolidated Balance Sheets
Deferred income tax assets and liabilities recorded on the consolidated balance sheets as of December 31, 2025 and 2024 consist of the following (in thousands):
December 31,
20252024
Deferred tax assets:
Accrued employee benefits$34,045 $32,993 
Operating loss carryovers2,338,465 1,841,399 
Pensions17,360 17,148 
Inventory reserves12,221 27,974 
Tax credit carryovers15,333 11,228 
Outside basis difference83,646 — 
Capitalized research and development28,361 41,938 
Lease liability51,735 53,968 
Other24,818 62,406 
Gross deferred tax assets2,605,984 2,089,054 
Valuation allowance(2,107,936)(1,736,456)
Deferred tax assets498,048 352,598 
Deferred tax liabilities:
Depreciation(609,494)(456,231)
Intangibles(41,757)(49,676)
Right of use asset(47,414)(48,951)
Outside basis difference— (51,971)
Other(150,116)(50,190)
Deferred tax liabilities(848,781)(657,019)
Net deferred tax liabilities$(350,733)$(304,421)
Classification in the consolidated balance sheets:
Noncurrent deferred tax assets$17,542 $53,608 
Noncurrent deferred tax liabilities(368,275)(358,029)
Net deferred tax liabilities$(350,733)$(304,421)
Changes in Balance of Deferred Tax Asset Valuation Allowance
Changes in the balance of our deferred tax asset valuation allowance are as follows (in thousands):
Year Ended December 31,
202520242023
Balance at January 1$(1,736,456)$(1,349,924)$(1,087,505)
Additions(394,829)(519,169)(262,469)
Deductions20,092 132,637 50 
Reclass to assets held for sale3,257 — — 
Balance at December 31$(2,107,936)$(1,736,456)$(1,349,924)
Unrecognized Tax Benefits Roll Forward The following is a reconciliation of our total gross liability related to uncertain tax positions for 2025, 2024 and 2023 (in thousands):
Year Ended December 31,
202520242023
Balance at January 1$188,826 $178,785 $72,162 
Additions for tax positions related to prior years— 31 6,216 
Additions for tax positions related to current year5,653 10,989 101,179 
Lapses in statutes of limitations/settlements(547)(1,038)(770)
Foreign currency translation adjustment(132)59 (2)
Balance at December 31$193,800 $188,826 $178,785