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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company determines the tax provision for interim periods using an estimate of its annual effective tax rate. Each quarter, the Company updates its estimate of annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment.

The effective tax rate for the three months ended June 30, 2026 was 23.1%, an increase from 21.9% for the three months ended June 30, 2025. The Company recorded income tax expense of $19,426 and $18,546 for the three months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the three months ended June 30, 2026 was primarily a result of an increase in non-deductible expenses and lower excess tax benefits related to stock-based compensation, as compared to the three months ended June 30, 2025.

The effective tax rate for the six months ended June 30, 2026 was 24.9%, an increase from 19.5% for the six months ended June 30, 2025. The Company recorded income tax expense of $43,744 and $32,042 for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the six months ended June 30, 2026 was primarily a result of higher profit and lower excess tax benefits related to stock-based compensation, partially offset by a decrease in non-deductible compensation expenses, as compared to the six months ended June 30, 2025.

Deferred income taxes recognized in OCI were as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Deferred taxes benefit / (expense) recognized on:
Unrealized gain/(loss) on cash flow hedges$(2,396)$(750)$7,540 $(2,630)
Reclassification adjustment for cash flow hedges(1,575)165 (2,667)(217)
Retirement benefits— — 296 — 
Reclassification adjustment for retirement benefits(150)(13)(281)(26)
Currency translation adjustments— (339)— (1,012)
Total$(4,121)$(937)$4,888 $(3,885)