v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s income tax provision consists of the following components:
Three Months EndedSix Months Ended
 (In thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Current:
Federal$2,146 $3,854 $5,997 $16,000 
State284 272 431 922 
Total current2,430 4,126 6,428 16,922 
Deferred:
Federal46,960 16,139 62,945 27,919 
State1,236 673 2,141 1,234 
Total deferred48,196 16,812 65,086 29,153 
Income tax expense$50,626 $20,938 $71,514 $46,075 

The Company is subject to U.S. federal income tax, Texas state margin tax, and Louisiana corporate income tax. The Company estimates its annual effective tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. The Company’s effective tax rates for the three months ended June 30, 2026 and 2025 were 21.8% and 20.5%, respectively, and 20.2% and 19.7% for the six months ended June 30, 2026 and 2025, respectively. The primary differences between the annual effective tax rates and the statutory rate of 21.0% are state taxes, tax credits, and income attributable to noncontrolling interest.

On July 4, 2025, the U.S. enacted legislation referred to as the One Big Beautiful Bill Act, which contains certain significant changes to U.S. corporate income tax laws and is generally effective for tax years beginning after December 31, 2024. These changes include, among others, the immediate deduction of domestic research and development (“R&D”) expenses, the option to retroactively deduct previously capitalized R&D expenses, and 100% bonus depreciation for property acquired after January 19, 2025. The impacts are reflected in the Company’s income tax provision for the three and six months ended June 30, 2026, which resulted in a decrease in current tax expense offset by an increase in deferred tax expense.