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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
7.
Income Taxes

The Company recorded income tax expense of approximately $36,018 and $93,647 for the three and nine months ended September 30, 2025, and $6,791 and $43,144 for the three and nine months ended September 30, 2024, respectively. The income tax expense resulted in an effective tax rate of 24.5% and 25.5% for the three and nine months ended September 30, 2025, and 27.9% and 25.5% for the three and nine months ended September 30, 2024, respectively. The tax rate was decreased as compared to the corresponding period in the prior year due primarily to the purchase of transferable Section 45x advanced manufacturing production credits in the current period. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state income taxes as well as certain nondeductible and tax-exempt items.

In September of 2025, the Company purchased $67.9 million of transferable Section 45x advanced manufacturing production tax credits for $65.4 million to reduce our federal tax liability. All tax credits other than approximately $0.6 have been applied to prior year tax returns.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”), which, among other provisions, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense under §163(j) to be based on taxable income before interest, amortization, and depreciation. Based on preliminary analysis, management expects OBBBA to reduce U.S. cash income-tax payments. There is not expected to be any impact on the effective tax rate. The Company is continuing to evaluate the Act’s impacts, including potential effects on deferred-tax balances, and will refine these estimates as additional guidance becomes available.