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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11. Income Taxes The effective tax rate used for interim periods is the estimated annual effective consolidated tax rate, based on the current estimate of full year results, except that taxes related to specific events, if any, are recorded in the interim period in which they occur. The annual effective tax rate is based upon several significant estimates and judgments, including the estimated annual pre-tax income of the Company in each tax jurisdiction in which it operates, and the development of tax planning strategies during the year. In addition, the Company’s tax expense can be impacted by changes in tax rates or laws and other factors that cannot be predicted with certainty. As such, there can be significant volatility in interim tax provisions. The Company recorded consolidated expense for (benefit from) income taxes of $0.03 million and ($0.7) million for the three and six months ended June 30, 2026, respectively, compared to ($2.3) million and ($2.1) million for the three and six months ended June 30, 2025, respectively. The Company’s effective tax rates were (0.1%) and 1% for the three and six months ended June 30, 2026, respectively, compared to 11% and 6% for the three and six months ended June 30, 2025, respectively. The change in the effective tax rate compared to prior periods was primarily driven by a one-time tax benefit resulting from an acquisition completed during the quarter, which allowed the Company to recognize a portion of the tax benefit from its net operating losses that had previously been reserved. The Company is under examination by certain tax authorities for the 2021 to 2023 tax years. While the timing of the conclusion of the examination is uncertain, the Company believes that adequate amounts have been reserved for adjustments that may result. During 2026, the statutes of limitations will lapse on the Company’s 2022 federal tax year and certain 2021 and 2022 state tax years. The Company does not believe the federal or state statute lapses or any other event will significantly impact the balance of unrecognized tax benefits in the next 12 months. As of June 30, 2026, the Company has not yet received the $106.1 million related to the carryback of Investment Tax Credits to the 2021 and 2022 tax years. In connection with the delayed refunds, the Company has accrued $3.2 million of estimated overpayment interest receivable from the Internal Revenue Service through the second quarter of 2026, which is recorded in interest income. The Company continues to monitor the status of its refund claim.

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