Income Taxes

9 Months Ended

Sep. 30, 2026

Schedule of Effective Income Tax Rate Reconciliation


	THREE MONTHS ENDED				NINE MONTHS ENDED
	SEPTEMBER 30				SEPTEMBER 30
	2026		2025		2026		2025
Loss before income taxes	$	(13.7)	$	(4.6)	$	(69.0)	$	(1.0)





















Income tax expense (benefit)	$	0.6	$	(2.9)	$	6.9	$	5.4

During the first nine months of 2026 and 2025, the Company's reported income tax expense differed from the amount that would result from applying the U.S. federal statutory tax rate, primarily due to an interim adjustment for pre-tax losses for which no income tax benefit was recognized as a result of its valuation allowance positions.

During the third quarter of 2026, the Company recorded a discrete tax benefit of $2.3 million related to the favorable domestic provision-to-return items, primarily driven by increases to the research and development tax credit and foreign tax credit. This benefit was partially offset by $0.6 million of other discrete tax charges, resulting in a net discrete tax benefit of $1.7 million for the quarter.

During the second quarter of 2026, the Company recognized a discrete tax charge of $3.4 million related to the establishment of a full valuation allowance against the beginning-of-the-year balance of Brazilian deferred tax assets. Based on a review of recent operating results, cumulative losses, and a declining forecast, management concluded that the evidence no longer supported a more-likely-than-not standard that these deferred tax assets will be realized.