INCOME TAXES |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective income tax rate for the second quarter of 2026 was 25.4% compared with 25.7% in the second quarter of 2025. The Company recorded $31.8 million and $28.7 million of income tax expense in the second quarters of 2026 and 2025, respectively. The effective income tax rate for the first six months of 2026 was 18.9% compared with 24.6% in the first six months of 2025. The Company recorded $42.2 million and $43.1 million of income tax expense in the first six months of 2026 and 2025, respectively. The effective income tax rates for the second quarters of 2026 and 2025 were higher than the federal statutory tax rate primarily due to state and local income taxes, partially offset by federal tax credits for research and development. Tax rate drivers for the first six months of 2026 and 2025 were similar to those for the respective quarters; however, the effective income tax rate for the first six months of 2026 included an additional tax benefit from stock-based awards that settled in the first quarter of 2026. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The OBBBA includes provisions retroactive to January 1, 2025, and, among other provisions, eliminates the requirement to capitalize and amortize domestic research and experimentation expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes will result in lower cash tax payments for fiscal year 2026. The Organization for Economic Co-operation and Development published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group operates. A number of countries have enacted legislation to implement the core elements of Pillar Two, with certain rules becoming effective on January 1, 2024. Based on the Company’s analysis, this minimum tax does not have a material impact on the Company’s Condensed Consolidated Financial Statements.
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