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INCOME TAXES
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES
18. INCOME TAXES
The Company’s effective tax rate (“ETR”) for the three months ended September 30, 2026 and 2025 was 12.8% and 13.9%, respectively. The ETR of 12.8% for the three months ended September 30, 2026 was lower than the U.S. statutory rate of 21.0%, primarily due to a release of valuation allowance related to realized and unrealized capital losses and a one-time favorable tax adjustment related to the recent closure of a U.S. federal tax audit for the tax years 2020 and 2021, partially offset by state taxes.
The Company’s ETR for the nine months ended September 30, 2026 and 2025 was 3.7% and 20.0%, respectively. The ETR of 3.7% for the nine months ended September 30, 2026 was lower than the U.S. statutory rate of 21.0%, primarily due to the impact of non-deductible expenses (including stock-based compensation and certain non-US losses), partially offset by a one-time favorable tax adjustment related to the recent closure of a U.S. federal tax audit for the tax years 2020 and 2021.
The following is a supplemental schedule of cash paid for income taxes (in thousands):
Nine Months Ended
September 30,
20262025
Cash paid during the period for income taxes, net of refunds$75,935 $147,999 
As of September 30, 2026, the Company had a net deferred tax asset balance of $584.2 million, compared to $570.8 million as of December 31, 2025. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Management determined that there is sufficient positive evidence to conclude that it is more likely than not that the Company’s net deferred tax asset will be fully realized.