Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Taxes [Abstract] | |
| Income Taxes | 5. INCOME TAXES
Our total provision for income taxes was $55.7 million and $105.2 million for the three and six months ended June 30, 2026, respectively. We record our income tax provision using a full-year forecasted methodology, including discrete items in the period in which they occur. Our year-to-date effective tax rate was 25.9% for the six months ended June 30, 2026 compared to 25.7% for the six months ended June 30, 2025.
On July 4, 2025, President Trump signed legislation commonly known as the One Big Beautiful Bill Act or (“OBBBA”). This legislation, among many provisions, modified treatment of domestic research or experimental expenditures, fixed asset depreciation, and charitable contributions, and effects of cross-border tax laws. The Company has applied relevant provisions of the OBBBA; impacts on taxes reflected in the three and six months ended June 30, 2026, are immaterial to the overall consolidated financial statements. Our federal income tax returns for the tax years 2022 and forward are available for examination by the U.S. Internal Revenue Service (“IRS”). The statute of limitations for the 2022 federal return will expire on October 15, 2026, unless extended by consent. Our state income tax returns for 2021 through 2025 remain subject to examination by various state authorities with the latest period closing on December 31, 2030. We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2021. |