INCOME TAXES |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $214.4 million and $130.4 million for the three and six months ended June 30, 2026, respectively, compared to $121.0 million and $159.4 million for the three and six months ended June 30, 2025, respectively. Pre-tax income was $301.5 million and pre-tax loss was $91.1 million in the current three and six months periods, respectively, compared to pre-tax income of $659.4 million and $886.4 million in the prior-year periods, reflecting restructuring charges related to the Workforce Plan and accruals related to certain litigation and regulatory matters. Refer to Note 19, Restructuring, and Note 16, Commitments and Contingencies for more details. The difference between the income tax expense for the three and six months ended June 30, 2026 and the income tax expense for the three and six months ended June 30, 2025 was primarily driven by the change in pre-tax results and a one-time benefit related to a partial release of a valuation allowance associated with certain California deferred tax assets recorded in the second quarter of 2026, partially offset by the tax impact of non-deductible accruals related to certain litigation and regulatory matters. The difference between the income tax expense at the U.S. federal statutory rate and the income tax expense recorded for the three and six months ended June 30, 2026 was primarily due to the tax impact of non-deductible accruals related to certain litigation and regulatory matters, partially offset by a one-time tax benefit from the partial release of a valuation allowance associated with certain California deferred tax assets. The Company is subject to income taxes in the U.S. and certain foreign tax jurisdictions. The tax provision for the three and six months ended June 30, 2026 and June 30, 2025 is calculated on a jurisdictional basis. The Company estimated the worldwide income tax provision using the estimated annual effective income tax rate expected to be applicable for the full year. The Company’s effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect, among other things, the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, changes in valuation allowances against deferred tax assets, the recognition and de-recognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.
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