v3.26.1
REVISION OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
6 Months Ended
Jun. 30, 2026
Accounting Changes and Error Corrections [Abstract]  
REVISION OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS REVISION OF PREVIOUSLY ISSUED INTERIM FINANCIAL STATEMENTS
Nature of the Error

During the quarter ended June 30, 2026, the Company discovered it inadvertently purchased and delivered up to 481,049 shares of our common stock (the "excess shares") in excess of the number of shares available under its 2007 Employee Stock Purchase Plan (as amended from time to time, the “ESPP”) and registered pursuant to two registration statements on Form S-8. The Company determined that it has an obligation to remediate this matter, including amounts expected to be paid to eligible participants for declines in shares price for shares currently held or lost profits for shares previously if sold, related interest, and applicable employer payroll taxes.

Management evaluated the error in accordance with the guidance in Staff Accounting Bulletin No. 99, Materiality, and Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. Based on this evaluation, the Company determined, after an evaluation of both quantitative and qualitative factors, that the purchase and delivery of the excess shares did not have a material impact on the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as amended. However, as a result of the purchase and delivery of the excess shares and the associated obligation, the Company has revised the previously issued interim financial information for the three months ended March 31, 2026 included in this Quarterly Report on Form 10-Q.
Impact of the Revision

The following tables summarize the effect of the revision on the Company's previously reported condensed consolidated financial statements (in thousands, except per share data):

Three Months Ended March 31, 2026
As Previously ReportedAdjustmentAs Adjusted
Condensed Consolidated Balance Sheet Line Items:
Other current liabilities$70,002 $11,943 $81,945 
Total current liabilities$655,902 $11,943 $667,845 
Deferred income taxes, net$29,577 $(3,118)$26,459 
Total non-current liabilities$2,079,882 $(3,118)$2,076,764 
Total liabilities$2,735,784 $8,825 $2,744,609 
Retained earnings$1,173,178 $(8,825)$1,164,353 
Total stockholders' equity$1,894,176 $(8,825)$1,885,351 
Three Months Ended March 31, 2026
As Previously ReportedAdjustmentAs Adjusted
Condensed Consolidated Statements of Comprehensive Income Line Items:
Corporate general and administrative expenses$29,568 $11,943 $41,511 
Income before income tax expense$226,472 $(11,943)$214,529 
Income tax expense$64,860 $(3,118)$61,742 
Net income$161,612 $(8,825)$152,787 
Earnings per share - basic$2.63 $(0.14)$2.49 
Earnings per share - diluted$2.63 $(0.14)$2.49 
Three Months Ended March 31, 2026
As Previously ReportedAdjustmentAs Adjusted
Condensed Consolidated Statements of Cash Flow Line Items:
Net income$161,612 $(8,825)$152,787 
Deferred income taxes$14,660 $(3,118)$11,542 
Other liabilities$6,599 $11,943 $18,542 
Net cash used in operating activities$(25,515)$— $(25,515)