Quarterly report [Sections 13 or 15(d)]

Income Taxes

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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate was as follows for the three and nine months ended September 30, 2025 and 2024 (in thousands, except percentages):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Income before income taxes $ 155,179  $ 135,417  $ 458,564  $ 427,843 
Income tax expense $ 33,941  $ 28,823  $ 100,534  $ 92,243 
Effective tax rate 21.9  % 21.3  % 21.9  % 21.6  %

For interim periods, our income tax expense and resulting effective tax rate are based upon an estimated annual effective tax rate adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions, and other items.

One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Job Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development (“R&D”) expenditures. Tax law changes in the OBBBA impacting the Company are primarily with respect to accelerated depreciation on the purchases of fixed assets and R&D expenditures under IRC Section 174. These changes did not result in a material impact to the Company’s consolidated financial statements.