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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 19 – Income Taxes

 

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company’s reported effective income tax rate was 128.5% and 23.4% for the three months ended June 30, 2025 and 2024, respectively, and (451.0)% and 2.3% for the six months ended June 30, 2025 and 2024, respectively. The higher effective tax rate for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was primarily due to the release of the majority of the valuation allowance in the United States on federal and state deferred tax assets with respect to the overall pre-tax loss for the quarter.

 

The lower effective tax rate for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, is primarily due to the release of the majority of the valuation allowance in the United States on federal and state deferred tax assets. The positive pre-tax income for the six months ended June 30, 2025, when compared to the overall tax benefit, results in a negative effective tax rate for the respective period.

 

Effective tax rates for the three and six months ended June 30, 2025 differ from the United States statutory rate of 21% due to the release of the majority of the valuation allowance in the United States on federal and state deferred tax assets, with respect to the overall pre-tax loss for the three months ended June 30, 2025 and positive pre-tax income for the six months ended June 30, 2025. Effective tax rates for the three and six months ended June 30, 2024 differed from the United States statutory rate of 21% due to earnings from international jurisdictions taxed at a higher rate, permanent differences and discrete events, predominantly in Mexico, and a full valuation allowance in the United States.