Income Taxes |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||
| Income Taxes |
The Company recognized income tax benefits of $23.0 million and $18.2 million on losses from continuing operations before income taxes of $243.5 million and $352.2 million for the three and six months ended June 30, 2026, respectively. This resulted in an effective tax rate of 9.5% and 5.2%, respectively. The effective tax rate differs from the Irish statutory tax rate of 12.5%, predominantly due to non-deductible expenses, including interest, compensation, and costs associated with the Business Combination, integration, and other related activity. The Company recognized income tax expenses of $2.0 million and $0.3 million on losses from continuing operations before income taxes of $28.5 million and $105.5 million for the three and six months ended June 27, 2025, respectively. This resulted in an effective tax rate of (7.0)% and (0.3)%, respectively. The effective tax rate differs from the Irish statutory tax rate of 12.5%, predominately due to statutory rate differences across the jurisdictions in which the Company operates, net of valuation allowances, applied to pretax earnings which includes the impacts of inventory step-up and intangible amortization expense. The effective tax rate is also affected by non-deductible expenses, including interest, compensation, and costs associated with the Business Combination, integration, and other related activity. The Company's unrecognized tax benefits, excluding interest, totaled $26.6 million as of both June 30, 2026 and December 31, 2025.
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