Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (7) Income Taxes We recorded income tax expense at an effective rate of 49.8% for the three months ended September 30, 2026, as compared to an effective tax rate of 66.0% for the three months ended September 30, 2025. The 2026 rate as compared to the 2025 rate was favorably impacted by the higher level and overall mix of earnings due in part to fewer restructuring costs recorded in the quarter as compared to the amount recorded in 2025. The 49.8% effective tax rate for the three months ended September 30, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax. We recorded income tax expense at an effective rate of 48.7% for the nine months ended September 30, 2026, as compared to an effective tax rate of 256.2% for the nine months ended September 30, 2025. The 2026 rate was favorably impacted by the overall mix of earnings and the gain on the sale of our Jefferson Wells U.S. business recorded in the second quarter. The 2025 rate was unfavorably impacted by the goodwill and indefinite-lived intangible asset impairment charges recorded in Switzerland and the United Kingdom and losses on the disposals of South Africa and New Caledonia, all of which are non-deductible. The 48.7% effective tax rate for the nine months ended September 30, 2026 was higher than the United States Federal statutory rate of 21% primarily due to the overall mix of earnings, tax losses in certain countries for which we did not recognize a corresponding tax benefit due to valuation allowances, the French exceptional corporate income tax surcharge, and the French business tax. We had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $41.6 as of September 30, 2026. If recognized, the entire amount would favorably affect the effective tax rate except for $3.9. As of December 31, 2025, we had gross unrecognized tax benefits related to various tax jurisdictions, including interest and penalties, of $41.4. We conduct business globally in various countries and territories. We are routinely audited by the tax authorities of the various tax jurisdictions in which we operate. Generally, the tax years that could be subject to examination are 2019 through 2026 for our major operations in France, Italy, the United Kingdom and the United States. As of September 30, 2026, we were subject to tax audits in Belgium, Germany, India, Mexico, Spain, Switzerland, and the United States. |