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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company's effective tax rate was 53% and (13)% for the three months ended September 30, 2025 and 2024, respectively, and 4% and (14)% for the nine months ended September 30, 2025 and 2024, respectively. The Company computed its provision for income taxes for interim periods by applying a forecasted annual effective tax rate to year-to-date earnings and adjusting for discrete items. However, the Company computed its provision for income taxes based on the year-to-date actual effective tax rate for the three and nine months ended September 30, 2024, because the forecasted annual effective tax rate was highly sensitive to fluctuations in pre-tax income and a reliable estimate of the annual effective tax rate could not be made. The Company recorded income tax expense in the three months ended September 30, 2024 and the nine months ended September 30, 2024, despite experiencing pre-tax losses in part due to nondeductible losses on fair value adjustments and projected limitations on its ability to realize certain tax benefits, which has resulted in the Company maintaining a full valuation allowance on U.S. deferred tax assets. The year-over-year benefit in income tax expense is primarily due to the One Big Beautiful Bill Act (“OBBBA”), signed into law on July 4, 2025. The OBBBA makes key elements of the 2017 Tax Cuts and Jobs Act permanent, including domestic research cost expensing, 100% bonus depreciation and makes modifications to key provisions relating to the deduction of business interest expense that was previously limited under prior U.S. tax law. Accordingly, the benefit to the Company is primarily due to the deductibility of previously limited deductible business interest expense coupled with a smaller increase in the Company’s U.S. deferred tax assets relative to prior periods, on which it continues to maintain a full valuation allowance. The Company continues to evaluate the impact of these provisions and related tax planning strategies and elections.

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