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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | ncome Taxes For the three months ended June 30, 2026, our effective tax rate was 27.2% as we recognized income tax expense of $11.7 million on income of $42.9 million. The effective tax rate of 27.2% was less favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to certain nondeductible expense items and the inability to recognize tax benefits related to certain foreign and capital losses, partially offset by a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. For the three months ended June 30, 2025, our effective tax rate was 29.9% as we recognized income tax expense of $8.3 million on income of $27.7 million. The effective tax rate of 29.9% was less favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to the establishment of a valuation allowance for a deferred tax asset recorded as the result of the capital loss on our investment in a hospital-at-home company as well as certain nondeductible expense items, partially offset by a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. For the six months ended June 30, 2026, our effective tax rate was 22.1% as we recognized income tax expense of $15.5 million on income of $70.0 million. The effective tax rate of 22.1% was more favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to a discrete tax benefit for share-based compensation awards that vested during the first quarter of 2026 and a tax benefit related to non-taxable gains on our investments used to fund our deferred compensation liability. These favorable items were partially offset by certain nondeductible expense items and the inability to recognize tax benefits related to certain foreign and capital losses. For the six months ended June 30, 2025, our effective tax rate was 10.6% as we recognized income tax expense of $5.2 million on income of $49.2 million. The effective tax rate of 10.6% was more favorable than the statutory rate, inclusive of state income taxes, of 26.0%, primarily due to a discrete tax benefit for share-based compensation awards that vested during the first quarter of 2025. This favorable item was partially offset by the establishment of a valuation allowance for a deferred tax asset recorded as the result of the capital loss on our investment in a hospital-at-home company and certain nondeductible expenses.

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