INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The following table provides the income tax expense (amounts in thousands) and effective tax rates for the periods indicated:

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Income tax expense	$	28,704		$	21,510		$	49,631		$	67,535
Effective tax rate	17.9		%	18.3		%	11.6		%	23.1		%

The effective tax rate for the nine months ended September 30, 2025, included a $12.0 million discrete benefit for additional recoverable basis in foreign jurisdictions, a discrete tax benefit of $4.3 million attributable to the release of a valuation allowance, and a $11.0 million discrete benefit related to withholding tax refunds on foreign royalties. The effective tax rate for the nine months ended September 30, 2024 included a $13.0 million discrete income tax expense related to the consideration from the Mount Milligan Cost Support Agreement.

H.R. 1., also known as the One Big Beautiful Bill Act, was enacted on July 4, 2025. The Company is currently evaluating the impact of these provisions on our effective tax rate; however, we do not expect a material impact on our effective tax rate in future periods.