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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
22. Income Taxes
For the three and nine months ended September 30, 2025, the effective tax rates on pre-tax income were 35.3% and 37.6%, respectively. For both periods, the effective tax rate is higher than the statutory rate of 21% due to a one-time adjustment related to the Bermuda corporate income tax. Excluding this one-time adjustment, our effective tax rate was not materially different from the statutory rate of 21%.
For the three and nine months ended September 30, 2024, the effective tax rates on pre-tax income were 18.8% and 109.4%, respectively. For the three month period, the Company’s effective tax rate differed from the statutory rate of 21% primarily due to adjustments for noncontrolling interest. For the nine month period, the Company’s effective tax rate differed from the statutory tax rate of 21% primarily due to an increase in our deferred tax asset related to the Bermuda corporate income tax.
Pillar Two and Bermuda Corporate Income Tax Regime
In December 2023, the Government of Bermuda enacted a corporate income tax (“CIT”) regime, designed to align with the Organization for Economic Cooperation and Development's ("OECD's") global minimum tax rules. The Corporate Income Tax Act 2023 came into operation in its entirety on January 1, 2025. The regime applies a 15% CIT to Bermuda businesses that are part of Multinational Enterprise Groups with annual revenue of €750 million or more, which includes ANGI. As of September 30, 2025, we had a deferred tax asset of $303 million relating to this regime.
The Company continues to evaluate the impact of the global minimum tax requirements by monitoring the legislative changes and future developments in relation to Pillar Two across jurisdictions in which the Company operates and assessing their impact on our operations and financial statements.
Other Tax Matters
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes provisions that allow for the immediate expensing of domestic research and development expenses, immediate expensing of certain capital expenditures and other changes to the U.S. taxation of profits derived from foreign operations. The Company continues to evaluate the new legislation but it is not anticipated to have a material impact to our consolidated financial statements.