Income taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | Income taxes The Company determines its tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company makes a cumulative adjustment. The Company’s effective tax rate (“ETR”) was 23.7% for the three months ended June 30, 2026, down from 24.9% for the three months ended June 30, 2025. The Company’s ETR was 23.7% for the six months ended June 30, 2026, down from 25.1% for the six months ended June 30, 2025. The decrease in the Company’s ETR in both periods was primarily driven by optimization of intercompany financing, as well as the mix of the Company's pre-tax income and the impacts of other discrete items.
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