v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Company's Income Tax Benefit (Expense)
The Company’s income tax (expense) benefit consisted of the following components (in thousands):
Year Ended December 31,
202520242023
Current:
Luxembourg$— $— $— 
U.S. federal(20,668)(36,605)(7,178)
U.S. state and local(6,519)(13,249)(1,485)
Other foreign jurisdictions(17,076)(8,745)(11,250)
Total current(44,263)(58,599)(19,913)
Deferred:
U.S. federal59,550 81,253 20,584 
U.S. state and local14,173 17,394 4,886 
Other foreign jurisdictions421 910 346 
Total deferred74,144 99,557 25,816 
Total income tax benefit$29,881 $40,958 $5,903 
Schedule of Company's Income Before Income Taxes
The Company’s (loss) income before income taxes consists of the following components (in thousands):
Year Ended December 31,
202520242023
Luxembourg$— $(244,594)$85,705 
U.S.(294,177)170,922 (61,995)
Other foreign jurisdictions57,930 26,809 37,873 
Total (loss) income before taxes$(236,247)$(46,863)$61,583 
Schedule of Effective Income Tax Rate
The total provision for income taxes can be reconciled to the tax computed at the Company’s statutory tax rate in the country of domicile (United States for 2025 and 2024 and Luxembourg for 2023) as follows:

Year Ended December 31, 2025
Amount
(in thousands)		Percent
U.S. federal statutory tax rate$49,612 21.00 %
State and local income tax, net of federal (national) income tax effect(1)
9,023 3.82 %
Foreign tax effects
Other foreign jurisdictions(4,183)(1.77)%
Effect of cross-border tax laws804 0.34 %
Tax credits318 0.13 %
Nontaxable or nondeductible items
Nondeductible officer compensation(26,051)(11.03)%
Other358 0.16 %
Effective tax rate$29,881 12.65 %
(1) State taxes in California, Illinois, Oregon, and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category
Year Ended December 31,
20242023
National statutory tax rate21.00 %24.94 %
Increase/(reduction) in income tax rate:
U.S. state and local income taxes, net14.39 (6.35)
Effect of rates different from statutory17.60 4.50 
Nondeductible officer compensation(5.19)0.04 
Tax on undistributed earnings22.53 3.55 
Section 250 deduction0.67 (0.59)
Nontaxable gain/loss on earn-out liability— (2.48)
Founders advisory fees29.48 (48.09)
Tax rate changes0.67 (0.15)
Changes in prior year estimates0.78 3.38 
Write-off of deferred taxes in exited jurisdiction(57.72)— 
Change in valuation allowance45.34 11.58 
Other, net(2.15)0.08 
Effective tax rate87.40 %(9.59)%
Schedule of Income Taxes Paid
Income taxes paid, net of refunds, are as follows (in thousands):
Year Ended December 31, 2025
U.S. federal$26,022 
U.S. state and local
California5,502
Other9,692
15,194
Foreign
Spain3,196
Other4,439
7,635
Total income taxes paid, net of refunds$48,851 
Schedule of Deferred Tax Assets and Liabilities Significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
December 31, 2025December 31, 2024
Deferred tax assets:
Net operating loss carryforwards$— $1,684 
Inventories122 59 
Interest— 118 
Accrued expenses and other current liabilities7,020 5,211 
Lease liabilities8,268 4,141 
Deferred compensation143,939 79,413 
Other3,458 5,598 
Valuation allowance(87)(1,957)
Total deferred tax assets162,720 94,267 
Deferred tax liabilities:
Property, plant and equipment(13,664)(10,362)
Goodwill and other intangibles(218,590)(230,290)
Undistributed earnings(2,082)(1,183)
Right-of-use assets(7,958)(3,965)
Other(374)(370)
Total deferred tax liabilities(242,668)(246,170)
Net deferred tax liability$(79,948)$(151,903)
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):
20252024
Balance at beginning of year$23,245 $23,245 
Increase in prior years’ tax positions— — 
Decrease in prior years’ tax positions— — 
Balance at end of year$23,245 $23,245