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Income Taxes | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 7. Income Taxes The Company recorded income tax expense of $36.8 million, or 24.4% of pre-tax income, for the three months ended March 31, 2025, compared to $54.7 million, or 23.1% of pre-tax income, for the three months ended March 31, 2024. Results for the three months ended March 31, 2025 were impacted by $1.4 million of net discrete tax e xpense, including $1.0 million of interest expense on uncertain tax positions. Results for the three months ended March 31, 2024 were impacted by $2.3 million of net discrete tax benefits, including a $1.2 million benefit on the purchase of discounted federal tax credits and a $1.0 million benefit related to amended state tax returns. The Company’s liability for gross unrecognized tax benefits, excluding related interest and penalties, was $62.0 million and $61.6 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, net unrecognized tax benefits, excluding interest and penalties, of $51.0 million would affect the Company’s net income if recognized. The Company recognizes accrued interest and penalties, if any, related to unrecognized tax benefits in the “Provision for income taxes” in the Condensed Consolidated Statements of Income. During the three months ended March 31, 2025 and 2024, the Company recognized expense of $1.0 million and $1.2 million, respectively, related to interest and penalties on unrecognized tax benefits. At March 31, 2025, the Company had accruals for the payment of interest and penalties of $12.9 million. During the next twelve months, it is reasonably possible that federal, state and foreign tax audit resolutions could reduce net unrecognized tax benefits by $24.2 million, either because the Company’s tax positions are sustained on audit, the Company agrees to their disallowance or the statute of limitations closes. “Cash paid for income taxes, net of refunds” disclosed on the Condensed Consolidated Statements of Cash Flows includes cash paid for the purchase of transferable tax credits during the three months ended March 31, 2025 and 2024 of $6.9 million and $22.1 million, respectively.

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