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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 adjusts its effective tax rate each quarter to be consistent with the estimated annual effective tax rate. The Company also records the tax effect of unusual or infrequently occurring discrete items. The provision for income taxes is shown in the table below:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income tax expense | $ | 8,667 |  |  | $ | 9,995 |  |  | $ | 11,405 |  |  | $ | 26,854 |
Income tax expense decreased $1.3 million and $15.4 million for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. The decrease in income tax expense is primarily due to the decrease in pre-tax operating income, which resulted from the 2021 CA GRC decision in the first three months of 2024. The Company’s effective tax rate was 17.1% and 19.6% before discrete items as of June 30, 2025 and June 30, 2024, respectively. The decrease in the effective tax rate was primarily due to the recognition of income related to the 2021 CA GRC decision in the first three months of 2024. On July 4, 2025, the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” (the Act) was signed into law. Aspects of the Act contain technical matters that require management to interpret the legislation and make judgments until further guidance becomes available. The Company is currently evaluating the impact of the Act, changes in interpretations, and guidance on legislative intent to the Company’s consolidated financial statements. As the legislation was signed into law after the close of the Company’s second quarter, the impacts, if any, are not included in the Company’s operating results for the six months ended June 30, 2025. On June 27, 2024, California Senate Bill 167 (SB 167) was enacted into law. SB 167 provides for a three-year suspension of net operating losses under the California Corporation tax. Among other things, this new law temporarily disallows the use of state net operating losses for years beginning in 2024 through 2026. The Company had unrecognized tax benefits of approximately $19.9 million and $17.0 million as of June 30, 2025 and 2024, respectively. Included in the balance of unrecognized tax benefits as of June 30, 2025 and 2024, is $5.6 million and $5.1 million, respectively, of tax benefits that, if recognized, would result in an increase to the Company’s effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly within the next 12 months.

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