Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Taxes | Taxes The Company’s effective tax rate was 6% for the six months ended June 30, 2026, compared to a negative 34% in the corresponding period of 2025. Current income tax expense was $15.0 million for the six months ended June 30, 2026, compared to $10.5 million in the corresponding period of 2025, primarily due to higher taxable income. For the six months ended June 30, 2026, the Company recognized a deferred tax recovery of $21.1 million, primarily attributable to an increase in deductible temporary differences arising from tax losses generated during the period, unrealized hedging losses and accruals. This recovery was partially offset by temporary differences related to accelerated tax depreciation in excess of accounting depreciation. For the six months ended June 30, 2025, the deferred income tax recovery of $2.3 million was primarily attributable to an increase in deductible temporary differences arising from tax losses generated during the period. This recovery was partially offset by temporary differences related to accelerated tax depreciation in excess of accounting depreciation. For the six months ended June 30, 2026, the difference between the effective tax rate of 6% and the 21% statutory tax rate was primarily due to an increase in the non-deductible foreign translation adjustments and other non-deductible expenses. This was partially offset by an increase in the impact of foreign taxes and the 2025 true-up (recovery). For the six months ended June 30, 2025, the difference between the effective tax rate of negative 34% and the 21% statutory tax rate was primarily due to an increase in the non-deductible foreign translation adjustments, other permanent differences and valuation allowance. This was partially offset by an increase in the impact of foreign taxes.
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