Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items arising in that quarter. In each quarter, the estimated annual effective tax rate is updated and a year to date adjustment is made to the provision. The Company’s quarterly effective tax rate can be subject to significant change due to the effect of discrete items arising in a given quarter. Income tax expense (benefit) for the quarter and year to date ended June 30, 2026 was $3,063 and $(36,802), respectively, for an effective tax rate of 20.3 percent and 23.1 percent, respectively. The effective tax rate for the quarter ended June 30, 2026 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to the impact of federal and state tax credits and the discrete impact of a state law change on the Company’s deferred tax balances, partially offset by state income tax and income tax on foreign subsidiaries. The effective tax rate for the year to date ended June 30, 2026 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to the discrete tax impact related to the vesting of share-based awards, as well as state income tax and income tax on foreign subsidiaries, partially offset by federal and state tax credits and the discrete impact of a favorable state law change on the Company’s deferred tax balances. Additionally, the favorable tax impact for the year to date ended June 30, 2026 was a result of the reduction of deferred tax liabilities due to the goodwill and other long-lived asset impairments. Income tax expense for the quarter and year to date ended June 30, 2025 was $4,308 and $4,979, respectively, for an effective tax rate of 23.0 percent and 30.5 percent. The effective tax rate for the quarter and year to date ended June 30, 2025 differed from the 21 percent U.S. federal statutory rate on pretax income primarily due to the state income tax and income tax on foreign subsidiaries, partially offset by federal and state tax credits. In addition, for the year to date ended June 30, 2025, the effective tax rate differed from the U.S. federal statutory rate on pretax income due to the discrete tax impact related to the vesting of share based awards.
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