Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes For the three and six months ended June 30, 2026 and 2025, the Company calculates its year-to-date income tax expense (benefit) by applying the estimated annual effective tax rate to the year-to-date income from operations before income taxes and adjusts the income tax expense (benefit) for discrete tax items recorded in the period. During the three and six months ended June 30, 2026, the Company recorded income tax expense of $7.1 million and $8.3 million, respectively, related to continuing operations, representing an effective tax rate of 45.4% and 43.3%, respectively. Income tax expense for the three and six months ended June 30, 2025 was $3.2 million and $6.6 million, representing an effective income tax rate of 32.0% and 28.5%, respectively. Income tax expense increased by $3.9 million or 119.3%, from $3.2 million expense for the three months ended June 30, 2025 to $7.1 million expense for the three months ended June 30, 2026, primarily as a result of having increased pretax income, resolving a state tax settlement, and increasing the reserve for unrecognized tax benefits for the three months ended June 30, 2026. Income tax expense increased by $1.7 million or 25.3%, from $6.6 million for the six months ended June 30, 2025 to $8.3 million for the six months ended June 30, 2026, primarily as a result of resolving a state tax settlement and increasing the reserve for unrecognized tax benefits for the six months ended June 30, 2026. The Company's effective tax rates for the three and six months ended June 30, 2026 and 2025 differ from the statutory tax rates primarily due to the impacts of resolving a state tax settlement, increasing the reserve for unrecognized tax benefits, the research and development tax credit, and stock-based compensation. In December 2021, the Organization for Economic Co-operation and Development Inclusive Framework on Base Erosion Profit Shifting released Model Global Anti-Base Erosion rules (“Model Rules”) under Pillar Two. The Model Rules set forth the “common approach” for a Global Minimum Tax at 15 percent for multinational enterprises with a turnover of more than 750 million euros. Rules under Pillar Two were effective from January 1, 2024. Pillar Two rules did not have a material impact on the Company's Condensed Consolidated Statements of Operations (Unaudited).
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