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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12 – Income Taxes The Company recorded income tax expense of $5.9 million, a 41.0% effective tax rate for the three months ended June 30, 2026. An income tax expense of $6.9 million, a 57.8% effective tax rate was recorded for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 differs from the U.S. statutory rate primarily due to state taxes, foreign income, a change in valuation allowances related to interest expense limitation deferred tax assets and other discrete items. The change in the valuation allowances includes updated U.S. deferred tax projections, particularly related to future taxable income generated by the Company’s deferred tax liabilities. The effective tax rate for the three months ended June 30, 2025 differs from the U.S. statutory rate primarily due to state taxes, foreign income and a change in valuation allowances related to interest expense limitation deferred tax assets. The Company recorded income tax expense of $6.3 million, a 41.4% effective tax rate for the six months ended June 30, 2026. An income tax expense of $9.1 million, a 52.4% effective rate was recorded for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 differs from the U.S. statutory rate primarily due to state taxes, foreign income and a change in valuation allowances related to interest expense limitation deferred tax assets. The change in the valuation allowances includes updated U.S. deferred tax projections particularly related to future taxable income generated by the Company’s deferred tax liabilities. The effective tax rate for the six months ended June 30, 2025 differs from the U.S. statutory rate primarily due to state taxes, foreign income and a change in valuation allowances related to interest expense limitation deferred tax assets. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of multiple state and foreign jurisdictions. As of June 30, 2026, the Company is subject to U.S. federal income tax examinations for the years 2022 through 2024 and income tax examinations from various other jurisdictions for the years 2018 through 2025. Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise would subject the company to foreign withholding taxes and may subject the Company to U.S. federal and state taxes. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not feasible primarily due to the Company’s legal entity structure and the complexity of U.S. tax laws.

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