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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded $20.0 million and $37.9 million of income tax expense for the three and six months ended June 30, 2025, respectively, and $13.9 million of income tax benefit and $3.2 million of income tax expense for the three and six months ended June 30, 2024, respectively. The Company’s effective tax rate was 29.4% for both the three and six months ended June 30, 2025. The Company's effective tax rate for the three and six months ended June 30, 2024 was 22.9% and 25.4%, respectively.
The effective tax rate for the three and six months ended June 30, 2025 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes, non-deductible executive compensation, and discrete tax expense related to equity compensation. The effective tax rate for the three and six months ended June 30, 2024 differed from the US federal statutory rate of 21% primarily due to state and provincial taxes and non-deductible executive compensation, partially offset by a discrete tax benefit related to employee stock vesting.
On July 4, 2025, the United States Congress passed the budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill (“OBBB”). The OBBB contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company is in the process of evaluating the effect of the OBBB on its financial statements.