INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 14. INCOME TAXES Income tax expense was $5.2 million and income tax benefit was $5.8 million for the three months ended June 30, 2026 and 2025, respectively. Income tax expense was $8.1 million and income tax benefit was $18.9 million for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for both the three and six months ended June 30, 2026, as compared to the periods ended June 30, 2025, was primarily attributable to higher pre-tax book income, partially offset by a reduction in U.S. federal and certain state income taxes resulting from the 2025 enactment of the One Big Beautiful Bill Act. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. As of June 30, 2026, the Company has a full valuation allowance against its net deferred tax assets in the United States. Given the Company's current and anticipated future earnings, the Company believes that there is a reasonable possibility that the valuation allowance against these net deferred tax assets may be reversed within the next twelve months. The exact timing and amount of the valuation allowance release are subject to change based on the level of profitability that the Company actually achieves.
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