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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Year-to-date income tax expense or benefit is the product of the most current projected annual effective tax rate (“PAETR”) and the actual year-to-date pretax income, adjusted for any discrete items. The income tax expense or benefit for a particular quarter is the difference between the year-to-date calculation of income tax expense or benefit and the year-to-date calculation for the prior year period. Items unrelated to current period ordinary income or loss are recognized entirely in the period identified as a discrete item of tax.
The Company’s PAETR exceeds the U.S. federal statutory rate of 21.0% during the three and six months ended June 30, 2026 primarily due to certain non-deductible expenses and state and local income taxes, partially offset by research and development tax credits and the foreign-derived intangible income deduction. In the prior year period, the variance was primarily driven by a discrete tax benefit from excess tax benefits on stock-based compensation, when the Company maintained a valuation allowance.
The Company’s income before taxes, income tax provision or benefit and effective tax rates were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except percentages)
2026202520262025
Income before income taxes$45,366 $46,450 $100,918 $81,460 
Provision for income taxes12,208 1,669 $24,300 $1,544 
Effective tax rate26.9 %3.6 %24.1 %1.9 %