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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's Provision for Income Taxes was $59,794 and $62,332 for the three and nine months ended September 30, 2025, respectively, and $34,971 and $56,659 for the three and nine months ended September 30, 2024, respectively. The effective tax rate was 27.5% and 13.0% for the three and nine months ended September 30, 2025, respectively, and 28.4% and 17.7% for the three and nine months ended September 30, 2024, respectively. The effective tax rate reflects the recognition of net excess tax benefits associated with appreciation in the Company's share price upon vesting of employee share-based awards above the original grant price of $76,450 and $31,976 for the nine months ended September 30, 2025 and 2024, respectively, which resulted in a reduction in the effective tax rate of 15.9 and 10.0 percentage points for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rate for 2025 and 2024 also reflects the effect of certain non-deductible expenses and state and local apportionment adjustments.
In October 2021, members of the Organization for Economic Co-operation and Development ("OECD") agreed on a two-pillar tax framework to realign international taxation with economic activities, including a coordinated set of rules designed to ensure large multinational enterprises pay a minimum 15% tax rate across all jurisdictions, known as Pillar Two. The U.S. has not yet adopted these rules, but several countries have enacted Pillar Two with an effective date beginning January 1, 2024. The impact of Pillar Two on the Company's effective tax rate during the year was not material and it is not expected to materially impact the Company's effective tax rate in the future.
Additionally, the Company is subject to the income tax effects associated with the global intangible low-taxed income ("GILTI") provisions in the period incurred. For the three and nine months ended September 30, 2025 and 2024, no additional income tax expense associated with the GILTI provisions has been recognized and it is not expected to be material to the Company's effective tax rate for the year.
The Company recorded an increase in deferred tax assets of $42 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $7,457 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the nine months ended September 30, 2025. The Company
recorded an increase in deferred tax assets of $37 associated with changes in Unrealized Gain (Loss) on Securities and Investments and a decrease of $2,247 associated with changes in Foreign Currency Translation Adjustment Gain (Loss), in Accumulated Other Comprehensive Income (Loss), for the nine months ended September 30, 2024.
The Company classifies interest relating to tax matters and tax penalties as a component of income tax expense in its Unaudited Condensed Consolidated Statements of Operations. As of September 30, 2025, there were $125 of unrecognized tax benefits that, if recognized, $102 would affect the effective tax rate. Related to the unrecognized tax benefits, the Company accrued interest of $2 during the three months ended September 30, 2025.
On July 4, 2025, the United States enacted House Resolution 1 of the 119th Congress ("the Act"). The Act makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and beginning after December 31, 2025, updates for Net CFC Testing Income (formerly GILTI). The Company is still evaluating the impact of the Act which is not expected to materially impact the Company’s effective tax rate for the year.