Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s effective tax rates were a benefit of 3.1% and an expense of 31.7% for the three months ended June 30, 2026 and 2025, respectively, and a benefit of 3.2% and an expense of 24.3% for the six months ended June 30, 2026 and 2025, respectively. During the three and six months ended June 30, 2026, the net effect of discrete items decreased the effective tax rate by 45.3% and 42.5%, respectively. The discrete items for the three and six months ended June 30, 2026, primarily relate to the book goodwill impairment which is non-deductible for tax purposes, partially offset by shortfalls on equity award vestings. Excluding discrete items, the Company’s effective tax rate would have been 48.4% and 45.7% for the three and six months ended June 30, 2026. During the three and six months ended June 30, 2025, the net effect of discrete items increased the effective tax rate by 2.3% and decreased the effective tax rate by 4.7%, respectively. The discrete items for the three months ended June 30, 2025, primarily relate to shortfalls on equity award vestings, partially offset by a decrease in the valuation allowance. The discrete items for the six months ended June 30, 2025 primarily relate to a decrease in the valuation allowance, partially offset by shortfalls on equity award vestings. Excluding discrete items, the Company’s effective tax rate would have been 29.4% and 29.0% for the three and six months ended June 30, 2025, respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, in the applicable period. During the three and six months ended June 30, 2026 and 2025, uncertain tax positions recorded by the Company were not material. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company recognizes interest expense and tax penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. The Company’s accrual for interest and penalties related to unrecognized tax benefits was not material for the three and six months ended June 30, 2026 and 2025. During the six months ended June 30, 2026, the Company had net cash taxes paid of $7.7 million and during the six months ended June 30, 2025, the Company had net cash taxes paid of $14.7 million.
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