Income Tax |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax | 16. Income Tax For the three months ended March 31, 2026, the effective tax rate on income (loss) before provision for income tax was 23%. The Company’s effective tax rate for the three months ended March 31, 2026 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, and (ii) U.S. state and local taxes, partially offset by tax benefits from (i) non-taxable investment income, and (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments. For the three months ended March 31, 2025, the effective tax rate on income (loss) before provision for income tax was 30%. The Company’s effective tax rate for the three months ended March 31, 2025 differed from the U.S. statutory rate of 21% primarily due to tax charges from (i) foreign earnings taxed at higher statutory rates than the U.S. statutory rate and foreign losses taxed at lower statutory rates, (ii) non-deductible losses, and (iii) a tax rate change in Japan, partially offset by tax benefits from (i) non-taxable investment income, (ii) low income housing and other tax credits, partially offset by the impact of tax equity investments, and (iii) the corporate tax deduction for stock compensation.
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