Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The effective tax rates from continuing operations for the three and six months ended June 30, 2026 were expenses of 23.7% and 23.8%, respectively, which differs from the U.S. statutory rate of 21.0% primarily due to state and foreign income taxes, and non-deductible executive compensation, partially offset by equity-based compensation and foreign tax return to provision adjustments. The effective tax rates from continuing operations for the three and six months ended June 30, 2025 were expenses of 15.8% and 18.4%, respectively, which differ from the U.S. statutory rate of 21.0% primarily due to the benefit of tax credits purchased at a discount and the benefit of noncontrolling interest for which we do not provide income taxes, partially offset by state income taxes and other permanent differences. The Inflation Reduction Act of 2022 allows a company to purchase transferable tax credits. During the three and six months ended June 30, 2025, we purchased $40.0 million in tax credits for approximately $38.4 million in cash. These credits were used to offset the Company’s federal income tax liability for 2024, which resulted in the recognition of a tax benefit of $1.6 million for the three and six months ended June 30, 2025. Deferred income tax liabilities related to railcars in our lease fleet were $1.3 billion as of both June 30, 2026 and December 31, 2025.
|