Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s effective tax rates were 8.5% and 20.9% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the net effect of discrete items decreased the effective tax rate by 19.6%. Excluding these items, the Company’s effective tax rate would have been 28.1% for the three months ended March 31, 2025. For the three months ended March 31, 2024, the net effect of discrete items increased the effective tax rate by 1.5%. Excluding these items, the Company’s effective tax rate would have been 19.4% for the three months ended March 31, 2024. The Company has computed the provision for income taxes based on the estimated annual effective tax rate excluding loss jurisdictions with no tax benefit and the application of discrete items, if any, in the applicable period. During the three months ended March 31, 2025 and 2024, uncertain tax positions recorded by the Company were not material. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company recognizes interest expense and tax penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. The Company’s accrual for interest and penalties related to unrecognized tax benefits was not material for the three months ended March 31, 2025 and 2024. During the three months ended March 31, 2025, the Company had net cash taxes refunded of $0.6 million and during the three months ended March 31, 2024, the Company had net cash taxes paid of $2.9 million.
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