Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company’s provision for income taxes includes U.S. federal, state and local, and foreign taxes. The provision for income taxes was $25.4 million and $21.4 million for the three months ended September 30, 2025 and 2024, respectively, and $132.7 million and $66.9 million for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective tax rate was 27.1% and 23.0% for the three months ended September 30, 2025 and 2024, respectively, and 46.2% and 24.2% for the nine months ended September 30, 2025 and 2024, respectively. The Company’s effective tax rate can vary from period to period depending on the geographic mix of our earnings, changes in tax legislation and tax rates, changes in unrecognized tax benefits and the amount and timing of excess tax benefits related to stock-based payments, among other factors. The provision for income taxes includes provisions for unrecognized tax benefits of $2.2 million and $61.0 million for the three and nine months ended September 30, 2025, respectively. As of September 30, 2025, the Company’s liability for unrecognized tax benefits was $61.0 million.

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. The Company is currently under a New York State income tax examination for tax years 2015 through 2020 and a New York City income tax examination for the tax years 2016 through 2018. At this time, the Company cannot estimate when the examinations will conclude or the impact such examinations will have on the Company’s Consolidated Financial Statements, if any. Generally, other than the New York City and New York State audits, the Company is no longer subject to tax examinations by tax authorities for years prior to 2020.