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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following table presents our income tax provision and our income tax rate for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income tax provision | $ | 112,217 |  |  | $ | 101,814 |  |  | $ | 305,604 |  |  | $ | 263,944 |
Income tax rate | 27.5 | % |  | 27.4 | % |  | 26.7 | % |  | 27.0 | %
The difference between the U.S. statutory tax rate of 21% and our effective income tax rate for both the three and nine months ended September 30, 2025 and 2024 was primarily a result of state and local income taxes and other permanent book-to-tax differences. The increase in our income tax provision for the three and nine months ended September 30, 2025, when compared to the three and nine months ended September 30, 2024, was primarily due to greater income before income taxes. The 30 basis point decrease in our effective income tax rate for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily attributable to a decrease in the state and local effective tax rate due to changes in the mix of our earnings. As of September 30, 2025 and December 31, 2024, we had no unrecognized income tax benefits. We file a consolidated federal income tax return including all of our U.S. subsidiaries with the Internal Revenue Service. We additionally file income tax returns with various state, local, and foreign tax agencies. Our income tax returns are subject to audit by various taxing authorities and are currently under examination for the years 2020 through 2023. On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 (“OBBBA”). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including accelerated bonus depreciation. The enactment of this legislation did not have a material impact on our annual effective tax rate for 2025.

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