Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Taxes [Abstract] | |
| Income Taxes | 11. Income Taxes Income tax expense for the three months ended March 31, 2026 and 2025 differs from the U.S. federal statutory rate primarily due to the tax treatment of income attributable to noncontrolling interests in IBG LLC. These noncontrolling interests are held directly through a U.S. partnership. Accordingly, the income attributable to these noncontrolling interests is reported in the condensed consolidated statements of comprehensive income, but the related U.S. income tax expense attributable to these noncontrolling interests is not reported by the Company as it is generally the obligation of the noncontrolling interests. Income tax expense is also affected by the differing effective tax rates in foreign, state and local jurisdictions where certain of the Company’s subsidiaries are subject to corporate taxation. Deferred income taxes arise primarily due to the amortization of the deferred tax assets recognized in connection with the common stock offerings (see Note 4), differences in the valuation of financial assets and liabilities, net operating losses and for other temporary differences arising from the deductibility of compensation and depreciation expenses in different periods for accounting and income tax return purposes. As of and for the three months ended March 31, 2026 and 2025, the Company had no material valuation allowances on deferred tax assets. The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. As of March 31, 2026, the Company is no longer subject to U.S. Federal and State income tax examinations for tax years before 2016, and to non-U.S. income tax examinations for tax years prior to 2011. Under U.S. GAAP, a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Based upon the Company’s review of its federal, state, local and foreign income tax returns and tax filing positions, the Company has recorded a $11 million tax liability (including interest) for an uncertain tax position for an Internal Revenue Service audit of IRC Section 199 Domestic Production Activities Deduction and certain U.S. state income tax liabilities. The enactment of H.R.1 (the "One Big Beautiful Bill Act") in July of 2025 introduced several corporate tax changes, many of which became effective January 1, 2026, including the extension of key Tax Cuts and Jobs Act provisions, enhanced bonus depreciation, modifications to interest limitation, modifications to the rules for Global Intangible Low Taxed Income (“GILTI”), which was renamed Net CFC Tested Income (“NCTI”), amongst other international tax rules modifications. Under ASC 740, companies are required to recognize the effects of enacted tax law changes in the period of enactment, including the remeasurement of deferred tax assets and liabilities and any related valuation allowances. The Company included the impact of H.R.1 on its condensed consolidated financial statements as of March 31, 2026 and December 31, 2025, respectively. |