Quarterly report [Sections 13 or 15(d)]

Income Taxes

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Income Taxes
 9 Months Ended
Sep. 30, 2026
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, 2026 and 2025 (in thousands, except percentages):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2026 2025 2026 2025
Income before income taxes $ 210,392  $ 155,179  $ 587,654  $ 458,564 
Income tax expense $ 43,024  $ 33,941  $ 123,454  $ 100,534 
Effective tax rate 20.4  % 21.9  % 21.0  % 21.9  %

During the nine months ended September 30, 2026, we executed an agreement with an eligible taxpayer to purchase up to $60.0 million of transferable 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 nine months ended September 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.