Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s income tax provision was $26.3 million and $15.2 million, which equates to an effective tax rate of 21.6% and 18.5%, for the three months ended June 30, 2025 and 2024, respectively. The Company’s income tax provision was $41.5 million and $25.9 million, which equates to an effective tax rate of 21.2% and 18.7%, for the six months ended June 30, 2025 and 2024, respectively. The Company follows the provisions of ASC 740, Income Taxes, regarding unrecognized tax benefits. At June 30, 2025 and December 31, 2024, the Company had no accrual for unrecognized tax benefits. As of June 30, 2025, the Company had no ongoing or pending federal examinations for prior years. The Company has outstanding federal income tax refund claims for the 2016 and 2018 tax years. At June 30, 2025, the refund claims totaled $10.0 million and were included in other current assets on the Company’s unaudited condensed consolidated balance sheet. These refund claims are subject to ongoing Joint Committee on Taxation reviews, as well as a statute waiver through December 31, 2026 that has been agreed to for the years 2016 through 2018. As of June 30, 2025, the Company has accrued $0.5 million of interest income related to the refund claim, which was included in the Company's income tax expense for the six months ended June 30, 2025. The Company’s tax years from 2021 through 2024 remain open to examination by federal and state taxing authorities.
|