Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rate was 22.2% and 19.5% for the three and six months ended June 30, 2025, respectively, compared to 19.3% and 19.0% for the three and six months ended June 30, 2024, respectively. The increase in the effective tax rate in each period was primarily due to impairment losses, partially offset by the impact of discrete tax items.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates between 2025 and 2027. The Company is evaluating the impact of the adoption of OBBBA, but it is not expected to have a significant impact on the current year Consolidated Financial Statements.