Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 6. Income Taxes For the three months ended June 30, 2025 and 2024, we recorded $79.1 million and $67.8 million of income tax expense and had an effective tax rate of 24.7% and 25.4%, respectively. The decrease in our effective tax rate for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to higher excess tax benefits associated with employee restricted stock and performance unit vests. For the six months ended June 30, 2025 and 2024, we recorded $142.7 million and $108.4 million of income tax expense and had an effective tax rate of 24.3% and 23.9%, respectively. The increase in our effective tax rate for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to lower excess tax benefits associated with employee restricted stock and performance unit vests. Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the six months ended June 30, 2025 and 2024, cash paid for taxes, net of refunds received, was $140.5 million and $110.3 million, respectively. The increase in cash tax payments between the periods is primarily due to higher 2025 forecasted taxable income. During the three and six months ended June 30, 2025 and 2024, there were no significant changes to our uncertain tax positions. For more information, see Note 7, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2024 Annual Report on Form 10-K. On July 4, 2025, the President signed into law H.R.1, the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes significant tax law changes such as providing for the full expensing of certain depreciable property as well as full expensing of domestic research and development expenditures. The provisions of the OBBBA have various effective dates, with certain provisions effective in 2025 and others through 2027. We are currently in the process of evaluating the impact of the OBBBA on our consolidated financial statements. |