Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 20. Income Taxes For the three and six months ended June 30, 2026, the effective tax rates on pre-tax income were 25.7% and 29.7%, respectively. For the three and six months ended June 30, 2026, the Company’s effective rate was higher than the statutory rate of 21% for both periods primarily due to the impact of changes to our Bermuda deferred tax asset and tax credit project expenses charged to tax expense. For the three and six months ended June 30, 2025, the effective tax rates on pre-tax income were 19.4% and 23.0%, respectively. For the three month period, the effective tax rate was not materially different from the statutory rate of 21%. For the six months ended June 30, 2025, the effective tax rate was higher than the statutory rate of 21% due to pre-tax losses incurred during the period, which generated a tax benefit, and normal tax benefits that further increased our tax benefit. Pillar Two and Bermuda Corporate Income Tax Regime In December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the Organization for Economic Cooperation and Development's ("OECD's") global minimum tax rules. The Corporate Income Tax Act 2023 came into operation in its entirety on January 1, 2025. The regime applies a 15% CIT to Bermuda businesses that are part of Multinational Enterprise Groups with annual revenue of €750 million or more, which includes ANGI. As of June 30, 2026, we had a current tax asset of $44 million and a deferred tax asset of $435 million and as of December 31, 2025, we had a current tax asset of $44 million and a deferred tax asset of $457 million related to this regime. The Company continues to evaluate the impact of the global minimum tax requirements by monitoring the legislative changes and future developments in relation to Pillar Two across jurisdictions in which the Company operates and assessing their impact on our operations and financial statements.
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