Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 8. Income Taxes
The Company’s provision for income taxes includes U.S. federal, state and local, and foreign taxes. The provision for income taxes was $25.8 million and $81.1 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate was 24.8% and 84.3% for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate can vary from period to period depending on the geographic mix of our earnings, changes in tax legislation and tax rates, changes in unrecognized tax benefits and the amount and timing of excess tax benefits related to stock-based payments, among other factors. The provision for income taxes includes provisions for unrecognized tax benefits of $0.3 million and $56.4 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company’s liability for unrecognized tax benefits was $11.2 million. The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. On February 18, 2026, the Company entered into a closing agreement with New York State with regard to its tax liability for the period. The Company is no longer subject to income tax examination by New York State for years before 2024. The Company is currently under a New York City income tax examination for the tax years . Generally, other than the New York City audit, the Company is no longer subject to tax examinations by tax authorities for years prior to 2021. |