Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (11) Income Taxes The Company’s effective tax rates for the three and six months ended June 30, 2025 were 13.6% and 13.0%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2025 were lower than the U.S. statutory tax rate primarily due to the U.S. deduction for foreign derived intangible income (“FDII”) and research and development credits, partially offset by foreign withholding taxes and a waiver of deductions related to U.S. base erosion payments. The Company’s effective tax rates for the three and six months ended June 30, 2024 were (3.6%) and 8.9%, respectively. The Company’s effective tax rates for the three and six months ended June 30, 2024 were lower than the U.S. statutory tax rate primarily due to the U.S. deduction for FDII and research and development tax credits, partially offset by an increase in foreign withholding taxes and U.S. base erosion and anti-abuse tax. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The OBBBA includes significant changes to the U.S. tax code, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the impact of the OBBBA on its consolidated financial statements.
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