INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Income tax expense or benefits during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes or benefits for the three and six months ended June 30, 2026 and 2025 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21% to pre-tax income (loss) primarily due to the non-deductibility of permanent items, state and foreign income taxes, and discrete items during the three and six months ended June 30, 2026 and 2025. In assessing the realizability of deferred tax assets (“DTAs”), management considers whether it is more likely than not that some portion, or all, of the Company’s DTAs will not be realized. In making such determination, the Company considers all available positive and negative evidence, including (i) its earnings history, (ii) its ability to recover net operating loss carry-forwards, (iii) the projected future income and results of operations, and (iv) its ability to use tax planning strategies. If the Company concludes that it is more likely than not that some portion, or all, of its DTAs will not be realized, the tax asset is reduced by a valuation allowance. The Company assesses the appropriateness of its valuation allowance on a quarterly basis. The One Big Beautiful Bill (“OBBB”), which was enacted in July 2025, primarily makes permanent the tax implications of the Tax Cuts and Jobs Act from 2017. The income tax provisions include the reinstatement of the 100% additional first-year “bonus” depreciation deduction, updates to the calculation of disallowed interest, and updates to the determination of whether the Company is subject to the Corporate Alternative Minimum Tax. In the three months ended June 30, 2026, the Company recorded an income tax expense of approximately $74.0 million, primarily from U.S. domestic tax expenses of $82.6 million, partially offset by $8.6 million income tax benefits derived from foreign operations. In the six months ended June 30, 2026, the Company recorded an income tax benefit of approximately $99.1 million, primarily from U.S. domestic income tax benefits of $90.5 million and foreign income tax benefits of $8.6 million. The effective tax rates for the three and six months ended June 30, 2026 were 23.8% and 25.7%, respectively. The Company had an income tax expense of $32.2 million and $79.0 million for the three and six months ended June 30, 2025, respectively. The Company did not have any foreign income tax expenses or tax benefits in the three and six months ended June 30, 2025. The effective tax rates for the three and six months ended June 30, 2025 were 24.4% and 24.9%, respectively.
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