Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 9. Income Taxes
The effective tax rate for the three and nine months ended September 30, 2026 and 2025 primarily comprised the 21% U.S. federal corporate income tax rate, the impact of U.S. state and foreign income taxes, the tax effects of non-controlling interest, disallowed executive compensation, and equity-based compensation deductions. The effective tax rate for the three months ended September 30, 2026 was 0% due to the offsetting effects of these rate drivers and the benefit from non-taxable income. The effective tax rate for the three months ended September 30, 2025 was negative primarily due to the tax benefit from the pretax loss incurred prior to the effect of non-controlling interest and due to the deduction related to the excess tax benefit from the vesting of restricted stock units in the quarter. For the nine months ended September 30, 2026, the effective tax rate also included the impact of a one- time tax expense related to a change in the tax classification of a consolidated subsidiary. As of September 30, 2026 and December 31, 2025, the Company had federal, state, local and foreign taxes payable of $82.7 million and $141.4 million, respectively, which is recorded as a component of accounts payable, accrued expenses and other liabilities on the accompanying condensed consolidated balance sheets. In the normal course of business, the Company is subject to examination by federal and certain state, local and foreign tax regulators. As of September 30, 2026, the Company’s U.S. federal income tax returns for the years 2022 through 2025 are generally open under the normal three-year statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2020 to 2025. Foreign tax returns are generally subject to audit from 2011 to 2025. Certain of the Company’s affiliates are currently under audit by federal, state and foreign tax authorities. The Company does not believe that the outcome of the audits will require it to record material reserves for uncertain tax positions or that the outcome will have a material impact on the condensed consolidated financial statements. On October 8, 2021, the OECD introduced a 15% global minimum tax under the Pillar Two GloBE model rules. On January 5, 2026, the OECD announced a “side-by-side” system under which U.S.-parented groups would be able to elect to be exempt from certain Pillar Two provisions. Additional guidance on the “side-by-side” system and implementation of such system remain subject to further discussions and clarifications from the OECD and local implementation by each OECD member country. Pillar Two has not had a material impact to the Company’s provision for income taxes; however, the Company will continue to monitor as additional guidance is released by the OECD, OECD member countries based on their enacted law changes, and other standard-setting bodies.
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