INCOME TAXES |
9 Months Ended |
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Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate to its year-to-date pretax book income or loss. The tax effects of discrete items, including but not limited to, excess tax benefits or deficiencies associated with stock-based compensation, valuation allowance adjustments based on new evidence, and enactment of tax laws, are reported in the interim period in which they occur. The effective tax rate (income tax expense or benefit as a percentage of income or loss before income taxes) including discrete items was 24.0% and 30.3% for the three and nine months ended September 30, 2026, respectively, as compared to 28.5% and 25.7% for the three and nine months ended September 30, 2025, respectively. During the third quarter of 2026, the Company began applying a valuation allowance to a portion of the deferred tax asset associated with its projected 2026 net operating loss, resulting in a $3.4 million reduction to income tax benefit for the three and nine months ended September 30, 2026. During the nine months ended September 30, 2026, the Company placed into service certain machinery and equipment at the Independence Facility subject to the Section 48C Qualifying Advanced Energy Project Tax Credit (the “48C Credit”), resulting in a 48C Credit of $8.5 million, net of valuation allowance. The current portion of the 48C Credit, which is included in “Other current liabilities” within the Company’s unaudited Condensed Consolidated Balance Sheets, was not material. The noncurrent portion is included in “Deferred investment tax credit” within the Company’s unaudited Condensed Consolidated Balance Sheets.
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