v3.25.4
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax $ 186,991 $ (5,143) $ 75,801
State and local income tax, net of U.S. federal effect $ 23,215 $ (10,295) $ 12,657
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration] stpr:PA stpr:PA stpr:PA
Tax credits      
Research and development $ (4,375) $ (148,861)  
Nontaxable or nondeductible items      
Executive compensation 13,515 5,184 $ 2,279
Other 431 1,037 439
Changes in unrecognized tax benefits (2,663) 53,590  
Other items      
Noncontrolling interest (8,431) (7,659) (20,774)
Dividends received deduction (6,155) (4,785) (3,075)
Equity-based compensation (1,786) (2,390) (3,030)
NOL adjustments 15,186 980  
Other (61) 157 (671)
Total income tax expense (benefit) $ 215,867 $ (118,185) $ 63,626
Percent      
U.S. federal statutory income tax rate (as a percent) 21.00% 21.00% 21.00%
State and local income tax, net of U.S. federal effect 2.60% 42.00% 3.50%
Tax credits      
Research and development (0.50%) 607.90%  
Nontaxable or nondeductible items      
Executive compensation 1.50% (21.20%) 0.60%
Other (4.20%) 0.10%
Changes in unrecognized tax benefits (0.30%) (218.80%)  
Other items      
Noncontrolling interests (0.90%) 31.30% (5.80%)
Dividends received deduction (0.70%) 19.50% (0.90%)
Equity-based compensation (0.20%) 9.80% (0.80%)
NOL adjustments 1.70% (4.00%)  
Other (0.60%) (0.20%)
Effective tax rate 24.20% 482.70% 17.50%