Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the estimated annual effective tax rate is updated and a year to date adjustment is made to the provision. The Company’s quarterly effective tax rate can be subject to significant change due to the effect of discrete items arising in a given quarter. On July 4, 2025, President Donald Trump signed the “One Big Beautiful Bill Act” into law. Under GAAP, the impact of changes in tax law are recognized as a component of the income tax provision related to continuing operations, with the entire impact recognized as a discrete item in the quarter of enactment. The bill had no impact to the Company’s income tax provision during the quarter ended June 30, 2025, and the Company is currently evaluating the impact the bill may have on the condensed consolidated financial statements in future quarters. Income tax expense for the quarter and year to date ended June 30, 2025 was $4,308 and $4,979, respectively, for an effective tax rate of 23.0 percent and 30.5 percent, respectively. The effective tax rate for the quarter and year to date ended June 30, 2025 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to state income tax and income tax on foreign subsidiaries, partially offset by federal and state tax credits. In addition, for the year to date ended June 30, 2025, the effective tax rate differed from the U.S. federal statutory rate on pretax income due to the discrete tax impact related to the vesting of share based awards. Income tax expense for the quarter and year to date ended June 30, 2024 was $10,108 and $16,370, respectively, for an effective tax rate of 24.0 percent and 23.7 percent, respectively. The effective tax rate for the quarter and year to date ended June 30, 2024 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to state income taxes and income taxes on foreign subsidiaries, partially offset by U.S. state and federal tax credits and the deduction applicable to export activity.
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