Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 10. Income Taxes The difference between the Company's effective tax rate for the three and six months ended June 30, 2026 and 2025 was primarily attributable to an increase in tax expense recorded on operating income, partially offset by the impact of a reduction in the valuation allowance recorded during the three and six months ended June 30, 2026. The Company recorded an aggregate deferred federal, state, and local tax expense of $23.5 million for the three months ended June 30, 2026, which was partially offset by a decrease to the valuation allowance of $18.7 million. The Company recorded an aggregate deferred federal, state, and local tax expense of $15.4 million for the six months ended June 30, 2026, which was partially offset by a decrease to the valuation allowance of $11.6 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $9.1 million for the three months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $8.3 million. The Company recorded an aggregate deferred federal, state, and local tax benefit of $24.9 million for the six months ended June 30, 2025, which was partially offset by an increase to the valuation allowance of $23.0 million. The Company evaluates its deferred tax assets each quarter to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax asset would not be realized. The Company's valuation allowance as of June 30, 2026 and December 31, 2025 was $566.6 million and $578.2 million, respectively. The decrease to the valuation allowance for the six months ended June 30, 2026 is the result of current operating income during the six months ended June 30, 2026 and the anticipated reversal of future tax liabilities offset by future tax deductions. The increase in the valuation allowance for the six months ended June 30, 2025 is the result of current operating losses during the six months ended June 30, 2025 and the anticipated reversal of future tax liabilities offset by future tax deductions. The Company recorded interest charges related to its tax contingency reserve for cash tax positions for the three and six months ended June 30, 2026 and 2025 which are included in income tax expense or benefit for the period. As of June 30, 2026, tax returns for years 2021 through 2024 are subject to future examination by tax authorities. In addition, the net operating losses from prior years are subject to adjustment under examination.
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