Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The following table presents the provision for income taxes for the three and six months ended June 30, 2026 and 2025:
The provision for income taxes consists of (1) current tax expense, which relates primarily to our profitable operations in tax jurisdictions with limited or no net operating loss carryforwards and withholding taxes related to management fees, royalties, and the repatriation of foreign earnings; and (2) deferred tax expense (or benefit), which represents adjustments in book-to-tax basis differences primarily related to (a) book versus tax basis in intangible assets, (b) changes in net operating loss carryforwards and tax credits, and (c) changes in withholding taxes on unremitted earnings. In July 2025, the U.S. enacted Public Law 119-21 (commonly referred to as the “One Big Beautiful Bill Act”). The legislation includes multiple tax provisions with varying effective dates, certain of which became effective January 1, 2025 and others in later periods through 2027. As a multinational company with significant U.S. operations, the Company continues to evaluate the provisions of the legislation and related interpretive guidance. While the Company does not currently expect the adoption of Public Law 119-21 to have a material impact on its consolidated financial statements, the assessment of certain provisions is ongoing.
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