INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company’s provision for income taxes is recorded on an interim basis based upon the Company’s estimate of the annual effective income tax rate for the full year applied to “ordinary” income or loss, adjusted each quarter for discrete items. The Company recorded a provision for income taxes of $54.7 million and $53.9 million for the three months ended September 30, 2026 and 2025, and $129.8 million and $136.0 million for the nine months ended September 30, 2026 and 2025, respectively. The Company’s effective tax rate increased to 25.7% in the third quarter of 2026 compared with 24.8% in the third quarter of 2025. The increased rate was primarily attributable to limitations on the deductibility of certain executive compensation. During the nine months ended September 30, 2026, the Company's effective tax rate decreased to 24.1% compared to 24.9% in the nine months ended September 30, 2025. The reduced rate was primarily due to the purchase of transferable federal income tax credits during the nine months ended September 30, 2026. Cash paid for taxes, net of refunds, during the nine months ended September 30, 2026 and 2025, was $106.5 million and $110.8 million, respectively, inclusive of cash paid to taxing authorities and third parties for purchases of investment tax credits.
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