Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax Disclosure | Income Taxes Income before income taxes and gain (loss) on equity method investments was $5.2 million and $50.7 million for the three and nine months ended September 30, 2026, respectively, while the income tax expense was $2.2 million and $14.1 million, respectively. The effective tax rate was 41.9% and 27.9% for the three and nine months ended September 30, 2026, respectively, which differed from the federal statutory rate of 21%, primarily due to acquisition costs, discrete tax expense associated with stock compensation and nondeductible executive compensation, partially offset by tax benefit from the deduction for foreign derived deduction eligible income and U.S. tax credits. Income before income taxes and gain (loss) on equity method investments was $47.9 million and $111.4 million for the three and nine months ended September 30, 2025, respectively, while the income tax expense was $10.0 million and $19.6 million, respectively. The effective tax rate was 20.9% and 17.6% for the three and nine months ended September 30, 2025, respectively, which differed from the federal statutory rate of 21%, primarily due to a tax benefit from the deduction for foreign derived intangible income and U.S. tax credits, partially offset by discrete tax expense associated with stock compensation and nondeductible executive compensation.
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