Income Taxes |
3 Months Ended |
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Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Effective Tax Rate — The effective tax rates for the quarters ended March 31, 2025 and March 31, 2024 were 25.4% and 55.1%, respectively. The current quarter effective tax rate was primarily impacted by an increase in pre-tax income. Valuation Allowance — Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2025 and December 31, 2024, the Company has $11.3 million and $11.1 million, respectively in valuation allowances associated with state operating loss carryforwards which may not be utilized in the future. Unrecognized Tax Benefits — The Company has unrecognized tax benefits associated with tax credit carryforwards. Management does not expect a decrease in unrecognized tax benefits relating to credits to be necessary within the next twelve months. Interest and Penalties — The Company did not have accrued interest and penalties related to unrecognized tax benefits as of March 31, 2025 and December 31, 2024. Tax Examinations — Certain of the Company's subsidiaries are currently under examination by various state jurisdictions for tax years ranging from 2019 to 2022. At the completion of these examinations, management does not expect any adjustments which would have a material impact on the Company's effective tax rate. Years subsequent to 2019 remain subject to examination.
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