Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 15 - Income Taxes The Company’s provision for income taxes for all periods presented was based on our projected annual effective tax rate for fiscal years 2026 and 2025, respectively, adjusted for specific items that are required to be recognized in the period in which they occur. The effective tax rate, inclusive of items specific to the period, for the three months ended September 30, 2026 and 2025 was 77.9% and 31.5%, resulting in income tax expense of $7.8 million and $17.7 million, respectively. The effective tax rate, inclusive of items specific to the period, for the nine months ended September 30, 2026 and 2025 was (8.5)% and 41.5%, resulting in income tax expense of $48.0 million and $63.5 million, respectively. The Company’s projected 2026 annual effective tax rate differed from the U.S. federal statutory rate of 21.0% due to U.S. state taxes, non-deductible equity compensation expense, and foreign tax effects, partially offset by research and development credits. The Company’s effective tax rate for the three and nine months ended September 30, 2026 additionally reflected shortfalls in tax-deductible equity compensation relative to amounts recognized in our financial accounts. For the nine months ended September 30, 2026, the effective tax rate was further impacted by a goodwill impairment charge that is not deductible for income tax purposes and a valuation allowance recorded against certain foreign deferred tax assets not expected to be realized. The Company received income tax refunds, net of taxes paid, of $2.9 million during the nine months ended September 30, 2026. Cash paid for income taxes was $7.9 million during the nine months ended September 30, 2025.
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