INCOME TAXES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| INCOME TAXES | NOTE 5—INCOME TAXES
Provision for income taxes for the three and six months ended June 30, 2026 totaled $0.5 million and $9.9 million, respectively, resulting in an effective tax rate of (0.4)% and (4.4)%, respectively. Provision for income taxes for the three and six months ended June 30, 2025 totaled $2.5 million and $9.1 million, respectively, resulting in an effective tax rate of (2.4)% and (5.2)%, respectively. The main driver of the increase in the effective income tax rate for the three and six months ended June 30, 2026 compared to the prior year was the geographical mix of earnings. The Organization of Economic Co-operation and Development’s (“OECD”) Global Anti-Base Erosion (“GloBE”) rules under Pillar Two have been enacted by the European Union and other countries in which the Company operates. Based on the current rules as enacted, including the new Side-by-Side package release by the OECD in January 2026, there was not a material impact to tax expense for any period presented. The Company will continue to monitor and evaluate evolving tax legislation in the jurisdictions in which we operate. |
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