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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | 15. INCOME TAXES The Company’s effective tax rate for the nine months ended September 30, 2025 and September 30, 2024, was 26.1% and 25.4%, which resulted in income tax expense of $66.3 million and $73.6 million, respectively. The increase in the effective rate was primarily due to excess tax expense from stock-based awards in 2025 and excess tax benefit from stock-based awards in 2024, as well as a reduction in the allowable deduction for foreign derived intangible income. During the nine months ended September 30, 2025 and September 30, 2024, the Company realized $(0.1) million and $0.7 million, respectively, o f excess tax expense and excess tax benefit from stock-based awards and recorded a corresponding expense and benefit to income tax expense. The Company analyzes its deferred tax assets each reporting period, considering all available positive and negative evidence in determining the expected realization of those deferred tax assets. As of September 30, 2025, the Company maintains a valuation allowance of $2.6 million against deferred tax assets primarily related to state tax credits it estimates will expire before they are realized. The Company operates in multiple tax jurisdictions, and, in the normal course of business, its tax returns are subject to examination by various taxing authorities. Such examinations may result in future assessments by these taxing authorities, and the Company accrues a liability when it believes that it is more likely than not that benefits of tax positions will not be realized. The Company believes that adequate provisions have been made for all tax returns subject to examination. As of September 30, 2025, for certain tax jurisdictions tax years 2020 through 2024 remain subject to examination. The Company believes that adequate provisions have been made for all tax returns subject to examination. Sales made to foreign distributors are not taxable in any foreign jurisdiction as the Company does not have a taxable presence in any foreign jurisdiction. On July 4, 2025, H.R.1 - One Big Beautiful Bill Act (Act) was enacted into law. The Act includes several changes to the U.S. corporate income tax framework. The Company has completed an assessment of the Act’s provisions and determined that they will not have a material impact on the Company’s effective tax rate or income tax expense for the year ended December 31, 2025. The Company will continue to monitor any regulatory guidance related to the Act and assess its potential effects on future reporting periods.

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