Income Taxes

6 Months Ended

Jun. 30, 2026

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 $21.4 million and $26.2 million for the three months ended June 30, 2026 and 2025, respectively and $47.2 million and $107.3 million for the six months ended June 30, 2026 and 2025, respectively. The Company’s effective tax rate was 23.9% and 26.9% for the three months ended June 30, 2026 and 2025, respectively, and 24.4% and 55.4% for the six months ended June 30, 2026 and 2025, 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 favorable adjustments related to unrecognized tax benefits of $1.1 million and $0.8 million for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Company’s liability for unrecognized tax benefits was $10.1 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 City income tax examination for the tax years 2016 through 2023. Generally, other than the New York City audit, the Company is no longer subject to tax examinations by tax authorities for years prior to 2021.