Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s effective tax rate was 23.6% and 18.9% for the three and six months ended June 30, 2026, respectively, as compared to an effective tax rate of (16.2)% and (298.4)% for the three and six months ended June 30, 2025, respectively. The effective tax rate for the three months ended June 30, 2026 was higher than the statutory federal rate of 21% primarily as a result of state income taxes. The effective tax rate for the six months ended June 30, 2026 was lower than the statutory federal rate of 21% primarily as a result of the identification of an error in the tax provision for the three and six months ended June 30, 2025 pertaining to the impact of goodwill impairment on the Company’s deferred taxes on unremitted earnings. As a result, the Company recognized an additional income tax benefit of $41.8 million during the six months ended June 30, 2026, with a corresponding decrease to deferred tax liabilities. The Company determined that this misstatement was not material to any of its previously issued financial statements nor is it expected to be material to the results for the full year ending December 31, 2026. The effective tax rate for the three and six months ended June 30, 2025 was lower than the statutory federal rate of 21% primarily as a result of the impact of goodwill impairment. The Company paid income taxes of $67.4 million and $88.4 million during the three and six months ended June 30, 2026, respectively, and $32.1 million and $66.1 million during the three and six months ended June 30, 2025, respectively.
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