Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate was as follows for the three months ended March 31, 2026 and 2025 (in thousands, except percentages):
Three Months Ended
March 31,
2026 2025
Income before income taxes $ 183,564  $ 154,394 
Income tax expense $ 40,662  $ 33,742 
Effective tax rate 22.2  % 21.9  %

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.