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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES The Company recognized income tax expense of $22.0 million for the three months ended June 30, 2025, compared to $16.7 million in the three months ended June 30, 2024, with the increase primarily due to the effects of higher pre-tax income and the non-recurrence of a $2.6 million discrete tax benefit, which was recognized in the prior-year quarter in connection with the amendment of certain U.S. state tax returns to claim a worthless stock deduction, partially offset by a $0.7 million increase in excess tax benefits associated with stock-based compensation activity. The Company’s effective tax rate for the three months ended June 30, 2025 was 23.6%, compared to 21.5% in the prior-year quarter. The Company recognized income tax expense of $37.7 million for the six months ended June 30, 2025, compared to $16.0 million in the six months ended June 30, 2024, with the increase primarily due to the effects of higher pre-tax income and the non-recurrence of a $15.6 million discrete tax benefit, which was recognized in the prior-year period in connection with the amendment of certain U.S. federal and state tax returns to claim a worthless stock deduction. The Company’s effective tax rate for the six months ended June 30, 2025 was 24.3%, compared to 12.5% in the prior-year period. On July 4, 2025, H.R.1, new tax legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted in the U.S. The OBBBA includes a broad range of tax provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the impact of this new legislation on its financial statements.

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