Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES:

The Company recorded an income tax benefit of $4,216 for the three months ended March 31, 2025, or 5.7% of loss before income taxes, based on its annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three months ended March 31, 2025 differs from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion. The tax benefit also includes discrete tax adjustments primarily related to transaction costs.

The income tax provision for the three months ended March 31, 2024 of $16,843, or 14.2%, of earnings before income taxes was based on the Company's annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three months ended March 31, 2024 differed from the U.S. federal statutory rate of 21%, primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income. The tax provision also included discrete tax adjustments primarily related to equity compensation.