v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe statutory Federal tax rate is 21.0% for each of the three and six months ended June 30, 2026 and 2025. For states with a corporate net income tax, the state corporate net income tax rates range from 8.7% to 9.0% for each of the three and six months ended June 30, 2026 and 2025. The Company’s effective tax rate was 10.8% for each of the three and six months ended June 30, 2026 respectively, compared to 11.6% and 11.3% for the same periods, respectively, in 2025. The Company evaluates and updates the annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Income Taxes for the three and six months ended June 30, 2026 increased by $0.4 million and $0.5 million, respectively, from the same periods in 2025, primarily due to higher pre-tax income partially offset by lower effective tax rates from the flow-through benefit of increased estimated annual deductions on repair expenditures on tangible property in Middlesex.