Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s effective tax rate (“ETR”) was (76.0%) and (10.9%) for the three and six months ended June 30, 2026, respectively, and 37.7% and 56.4% for the three and six months ended June 30, 2025, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, minimum taxes, changes in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions. As of June 30, 2026 and December 31, 2025, the amount of unrecognized tax benefits was $4.4 million and $18.8 million, respectively, excluding interest and penalties, that if recognized, would impact the effective tax rate. As of June 30, 2026 and December 31, 2025, the Company had $1.5 million and $13.6 million, respectively, recorded for interest on the Consolidated Balance Sheets. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. During the first quarter of 2026, the Company received notices of tax due and/or notices of intent to levy for tax years 2012 through 2015. The Company sent a response to the IRS requesting a Collection Due Process or Equivalent Hearing in order to review the amounts assessed and request a payment plan. Due to the receipt of these notices, $28.6 million that was recognized as an uncertain tax position liability as of December 31, 2025 has been reclassified to income taxes payable. As of June 30, 2026, $5.4 million is reflected in Accrued liabilities and $24.1 million is reflected in Other liabilities related to this matter. These amounts include accrued interest of $0.9 million recognized during the six months ended June 30, 2026. The Company has updated its estimate of the payment plan term to 60 months, with payments commencing in August 2026. See Note 13, Contingent Liabilities.
|