Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Our effective income tax rate (ETR) for the six months ended June 30, 2025 and 2024 was 24 percent and 22 percent, respectively. Our ETR for the six months ended June 30, 2025 increased compared to our ETR for the six months ended June 30, 2024 primarily due to decreased excess tax benefits from share-based compensation. We record interest and penalties related to uncertain tax positions as a component of income tax expense. As of June 30, 2025 and December 31, 2024, our unrecognized tax benefits, including related interest, were approximately $25.9 million and $20.6 million, respectively. The total amount of unrecognized tax benefits relating to our tax positions as of June 30, 2025 is subject to change based on future events and it is reasonably possible that the balance could change significantly over the next 12 months. Given the uncertainty of future events, we are unable to reasonably estimate the range of possible adjustments to our unrecognized tax benefits. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law in the United States. The OBBBA includes significant changes to U.S. tax law, including provisions that restore and permanently allow both the immediate deduction of domestic research and experimental expenditures and the full expensing of certain qualifying assets in the year placed in service. The OBBBA includes multiple effective dates, with certain provisions effective in 2025 and others in future years. The impact of the OBBBA must be recognized in the period of enactment under ASC 740, Income Taxes. Accordingly, it is not reflected in the accompanying consolidated financial statements for the period ended June 30, 2025. We are evaluating the impact of the OBBBA on our consolidated financial statements.
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