Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax Disclosure | Income Taxes Income before income taxes and loss on equity method investments was $26.6 million and $63.5 million for the three and six months ended June 30, 2025, respectively, while the income tax expense was $3.8 million and $9.6 million, respectively. The effective tax rate was 14.3% and 15.2% for the three and six months ended June 30, 2025, respectively, which differed from the federal statutory rate of 21%, primarily due to a tax benefit from the deduction for foreign derived intangible income and U.S tax credits, partially offset by discrete tax expense associated with stock compensation and nondeductible executive compensation. Income before income taxes and loss on equity method investments was $19.2 million and $48.4 million for the three and six months ended June 30, 2024, respectively, while the income tax expense was $4.6 million and $12.5 million, respectively. The effective tax rate was 23.8% and 25.8% for the three and six months ended June 30, 2024, respectively, which differed from the federal statutory rate of 21%, primarily due to the discrete tax expense associated with stock compensation and nondeductible executive compensation, which was partially offset by the deduction for foreign derived intangible income.
|