Income Taxes |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 9 — Income Taxes For the three months ended June 30, 2026, the Company recorded an income tax provision of $23.1 million, resulting in an effective tax rate of negative 116%. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance, foreign tax rate differences and foreign tax audit adjustments.
For the three months ended June 30, 2025, the Company recorded an income tax provision of $6.6 million, resulting in an effective tax rate of negative 15%. The effective tax rate for the period differed from the U.S. statutory rate primarily due to a U.S. valuation allowance and foreign tax rate differences. The Company's total valuation allowance increased from $435.0 million at March 31, 2026 to $459.6 million at June 30, 2026, relating to carryforwards of federal, state and foreign net operating losses, federal and state research and development tax credits, and foreign tax credits. For the three months ended June 30, 2026, the Company’s unrecognized tax benefits increased by $3.8 million, and interest and penalties increased by $11.8 million. Of the total $230.9 million unrecognized tax benefits at June 30, 2026, $15.0 million would reduce the Company's annual effective tax rate if recognized based on the Company's valuation allowance position at June 30, 2026. |