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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11: Income Taxes For interim periods, we estimate our annual effective tax rate, exclusive of discrete items, which is derived primarily by our estimate of our valuation allowance as of the end of our fiscal year. The Company’s effective tax rate for the three months ended March 31, 2025 and 2024 differs from the U.S. federal statutory tax rate due to the recording of valuation allowances. We recorded an income tax benefit of $7.7 million for the three months ended March 31, 2025 resulting in an effective tax rate of 30.2% compared to an income tax benefit of $1.9 million for the comparable prior year period, at an effective tax rate of 12.0%. The increase in the effective tax rate for the three months ended March 31, 2025 compared to same period in 2024, was primarily due to the impact of permanent adjustments partially offset by the valuation allowance. The Organization for Economic Cooperation and Development (“OECD”) has issued “Pillar Two” model rules introducing a new global minimum tax of 15% effective on January 1, 2024. While the US has not adopted the Pillar Two rules, effective June 20, 2024, Canada has enacted legislation formally adopting Pillar Two. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax liability. We will continue to monitor US and global legislative activities related to Pillar Two.

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