Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The provision for income taxes is based on the current estimate of the annual effective tax rate applied to the Company’s year to date income and is adjusted for discrete items recorded in the period. For the three months ended June 30, 2026 and 2025, the Company’s effective tax rate was 3.9% and 178.5%, respectively. The non-cash impairment of $20.5 million recorded in the three months ended June 30, 2025 was treated as a discrete item for provisioning purposes and excluded from income thus the Company’s effective tax rate for the three months ended June 30, 2025 was substantially higher when compared to prior periods. For the six months ended June 30, 2026 and 2025, the Company’s effective tax rate was 4.1% and 30.1%, respectively. For the six months ended June 30, 2026 and 2025, the primary difference between the effective tax rate and the federal statutory rate is driven by unfavorable permanent differences, offset by the full valuation allowance the Company has established on its federal, state and foreign net operating losses and credits. The Company recorded income tax expense of $1.0 million and $2.2 million for the three months ended June 30, 2026 and 2025, respectively, and recorded income tax expense of $2.3 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively. The provision for income taxes recorded in the six months ended June 30, 2026 and 2025 consists primarily of federal, state and foreign income taxes.
|