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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 16. INCOME TAXES The effective tax rate was 28.5% for the three months ended June 30, 2025 and a negative 5.1% for the six months ended June 30, 2025. The effective tax rate was 70.9% for the three months ended June 30, 2024 and a negative 4.0% for the six months ended June 30, 2024. The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the six months ended June 30, 2025, as we do not recognize a tax benefit primarily on losses in the United States where we have a valuation allowance, while recognizing tax expense in Canada and Iceland. During the three and six months ended June 30, 2025, we recognized a tax benefit of $3.2 million associated with the release of valuation allowances recorded against Canadian net operating losses, as well as the Giltspur, Inc. Employees’ Pension Plan. During the six months ended June 30, 2024, we recorded a $0.5 million expense to record estimated withholding taxes associated with repatriating all of Sky Lagoon’s earnings back to the United States and a valuation allowance against the tax credit generated from this withholding tax. We paid net cash for income taxes of $17.0 million during the six months ended June 30, 2025, of which $11.2 million was paid to U.S. federal and state taxing authorities and $4.8 million was paid to Canadian taxing authorities. We paid net cash for income taxes of $8.9 million during the six months ended June 30, 2024, primarily to Canadian taxing authorities.

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