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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

For the three months ended September 30, 2025 and 2024, the Company recognized an income tax benefit of $27.2 million on a pre-tax income of $44.6 million and income tax expense of $6.0 million on a pre-tax income of $38.8 million, respectively, resulting in effective tax rates of -61.0% and 15.5%, respectively. The effective tax rate for the three months ended September 30, 2025 varies from the U.S. federal statutory tax rate of 21% primarily due to the consideration of the One Big Beautiful Bill Act (OBBBA) enacted in the third quarter of 2025 which is expected to result in a significant reduction to the current taxable income, offset by valuation allowance, and a tax benefit recognized during the third quarter of 2025 to reflect the filing of an accounting method change included in the 2024 federal and state tax return filings. The tax benefit was offset by foreign tax expense. The effective tax rate for the three months ended September 30, 2024 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance.

For the nine months ended September 30, 2025 and 2024, the Company recognized an income tax benefit of $4.8 million on a pre-tax income of $112.6 million and income tax expense of $14.3 million on a pre-tax income of $97.0 million, respectively, resulting in effective tax rates of -4.3% and 14.7%, respectively. The effective tax rate for the nine months ended September 30, 2025 varies from the U.S. federal statutory tax rate of 21% primarily due to the consideration of the OBBBA which is expected to result in a significant reduction to the current taxable income, offset by valuation allowance, and a tax benefit recognized during the third quarter of 2025 to reflect the filing of an accounting method change included in the 2024 federal and state tax return filings. The tax benefit was offset by foreign tax expense. The effective tax rate for the nine months ended September 30, 2024 varies from the U.S. federal statutory tax rate of 21% due to state income tax expense as a result of current taxable income, offset by valuation allowance.