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Income Tax | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax In determining the quarterly provisions for income taxes, the Company uses the estimated annual effective tax rate applied to the actual year-to-date income, adjusted for discrete items arising in that quarter. In addition, the effect of changes in enacted tax laws or rates and tax status is recognized in the interim period in which the change occurs. The computation of the estimated annual effective rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected pre-tax income for the year, tax in foreign jurisdictions, and permanent and temporary differences. The accounting estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained, or the Company’s tax environment changes. To the extent that the estimated annual effective income tax rate changes during a quarter, the effect of the change on prior quarters is included in the income tax provision in the quarter in which the change occurs. On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes various provisions, such as 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 OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. While the OBBBA did not have a significant impact on the Company’s total tax provision as of June 2026, the Company is still evaluating its position on the elective provisions of the law and the potential impacts of those elections on the condensed consolidated financial statements. During the second quarter of 2026, pursuant to provisions under the Inflation Reduction Act, the Company purchased $13,035 of transferable federal tax credits from a third party for $11,862, reflecting a negotiated discount. The Company recorded a discrete income tax benefit of $1,173 during the three months ended June 30, 2026, representing the difference between the credits’ notional value and the purchase price. For the three and six months ended June 30, 2026, the Company recorded an income tax provision of $5,149 and $14,319, respectively. For the three and six months ended June 30, 2025, the Company recorded an income tax provision of $4,654 and $9,205, respectively. The Company’s annual estimated effective tax rate differs from the U.S. federal statutory rate of 21.0% because of the impact from nondeductible officer compensation, state and local income taxes, the foreign derived intangible income deduction, and the research and development credit.

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