Income Taxes

3 Months Ended

Mar. 31, 2026

Schedule of Effective Income Tax Rate Reconciliation


	THREE MONTHS ENDED
	MARCH 31
	2026			2025
Income (loss) before income taxes	$	(32.1)		$	16.8





















Income tax expense (benefit)	$	(1.8)		$	8.1
Reported income tax rate	5.6		%	48.2		%

During the first three months of 2026, the Company's reported income tax rate differed from the U.S. federal statutory tax rate primarily as a result of recording additional valuation allowances and an interim adjustment from pre-tax losses for which no tax benefit was recognized.

During the first three months of 2025, the Company’s reported income tax rate differed from the U.S. federal statutory rate primarily as a result of recording additional valuation allowances attributable to the capitalization of research and development expenses under U.S. tax rules in effect at that time.