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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
9. Income Taxes
Our income tax provision and effective income tax rates, including the effects of period-specific events, were:
  
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2025
2024
2025
2024
Income tax provision$13,413 $7,883 $14,136 $6,427 
Effective income tax rate34.0 %26.6 %31.4 %19.2 %
The increases in our effective income tax rate for the three and six months ended June 30, 2025 when compared to the same periods in 2024 were primarily due to the unfavorable impact of a valuation allowance recorded against our net U.S. deferred tax assets.
On July 4, 2025, the United States enacted the reconciliation bill commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which introduced significant changes to U.S. tax law. Key provisions include the permanent extension of certain elements of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of immediate expensing for research and development expenditures. The legislation contains multiple effective dates, with certain provisions taking effect in 2025 and others phased in through 2027. Given the complexity and phased implementation of the OBBBA, we are currently assessing the potential impacts of the legislation on our consolidated financial statements.