Income taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | Income taxes Our effective tax rate was 11.1% and 13.6% for the three months ended June 30, 2026 and 2025, respectively, and was 111.0% and 30.4% for the six months ended June 30, 2026 and 2025, respectively. The elevated effective tax rate for the six months ended June 30, 2026 is primarily driven by the recognition of a valuation allowance against deferred tax assets in certain loss-making jurisdictions. Because the Company operates across multiple jurisdictions, losses in entities subject to valuation allowances are offset at the consolidated level by income earned elsewhere, resulting in a tax provision applied against a near-breakeven consolidated pre-tax income. This dynamic is the principal cause of the disproportionately high effective tax rate relative to the U.S. federal statutory rate of 21%.
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