Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 7. Income Taxes For the three months ended June 30, 2026 and 2025, we recorded $66.9 million and $79.1 million of income tax expense and had an effective tax rate of 25.8% and 24.7%, respectively. The increase in our effective tax rate for the three months ended June 30, 2026 compared to the same period in 2025 was primarily due to lower excess tax benefits associated with employee restricted stock and performance unit vests and higher non-deductible employee remuneration paid to covered employees partially offset by favorable state law changes. For the six months ended June 30, 2026 and 2025, we recorded $115.7 million and $142.7 million of income tax expense and had an effective tax rate of 24.2% and 24.3%, respectively. The decrease in our effective tax rate for the six months ended June 30, 2026 compared to the same period in 2025 was primarily due to higher excess tax benefits associated with employee restricted stock and performance unit vests and favorable state law changes partially offset by higher non-deductible employee remuneration paid to covered employees. Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the six months ended June 30, 2026 and 2025, cash paid for taxes, net of refunds received, was $96.7 million and $140.5 million, respectively. The decrease in cash tax payments between the periods is a result of lower forecasted taxable income and the timing of disbursements for estimated tax installments. During the three and six months ended June 30, 2026 and 2025, there were no significant changes to our uncertain tax positions. For more information, see Note 8, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2025 Annual Report on Form 10-K. |