Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate was as follows for the three and six months ended June 30, 2026 and 2025 (in thousands, except percentages):
Three Months Ended
June 30,		 Six Months Ended
June 30,
2026 2025 2026 2025
Income before income taxes $ 193,698  $ 148,991  $ 377,262  $ 303,385 
Income tax expense $ 39,768  $ 32,851  $ 80,430  $ 66,593 
Effective tax rate 20.5  % 22.0  % 21.3  % 21.9  %

During the three months ended June 30, 2026, we executed an agreement with an eligible taxpayer to purchase up to $60.0 million of transferrable federal tax credits for $55.8 million, resulting in an estimated tax benefit of $4.2 million. The estimated tax benefit recognized for the three and six months ended June 30, 2026, was included in our estimated annual effective tax rate and reduced income tax expense during the period.
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.