Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax Disclosure | The Company’s income tax expense for the three and six months ended June 30, 2026 was $20.7 million and $39.1 million, respectively, compared to $23.0 million and $45.2 million in the prior year periods. The effective tax rate was 20.8% and 21.3% for the three and six months ended June 30, 2026, respectively, compared to 20.4% and 20.7% in the comparable prior year periods. The change in the effective tax rate relates primarily to tax benefits from investment tax credits, a decrease in the non-controlled earnings benefit and an increase in permanently non-deductible expenses in comparison to pre-tax book income. On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law, which is considered the enactment date under U.S. GAAP. Key corporate tax provisions include the restoration of 100% bonus depreciation, immediate expensing for domestic research and experimental expenditures, changes to Section 163(j) interest limitations, amendments to energy credits, and expanded 162(m) aggregation requirements. In accordance with ASC 740, the effects of the new tax law have been recognized in the period of enactment. The Company does not expect the impact of the OBBBA to have a material effect on the Company’s consolidated financial statements.
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