Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Income before income taxes	$	24,835		$	57,346		$	28,048		$	71,314
Income tax provision	8,028			4,876			5,910			6,179
Effective tax rate	32.3		%	8.5		%	21.1		%	8.7		%

The difference between the 32.3% effective tax rate and the U.S. federal statutory rate of 21.0% for the three months ended June 30, 2025, is primarily attributable to interest accrued on unrecognized tax benefits and valuation allowances on losses in foreign tax jurisdictions offset by the tax impact of noncontrolling interest.

The difference between the 8.5% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the three months ended June 30, 2024, is primarily attributable to the tax impact of noncontrolling interest, federal tax credits, and the reversal of certain unrecognized tax benefits offset by state and local income taxes and nondeductible compensation.

The 21.1% effective tax rate was consistent with the U.S. federal statutory tax rate of 21.0% for the six months ended June 30, 2025. This was primarily attributable to state and local income taxes and valuation allowances on losses in foreign tax jurisdictions offset by the tax impact of noncontrolling interest.

The difference between the 8.7% effective tax rate and the U.S. federal statutory tax rate of 21.0% for the six months ended June 30, 2024, is primarily attributable to the tax impact of noncontrolling interest, federal tax credits, stock based compensation, and the reversal of certain unrecognized tax benefits offset by state and local income taxes and nondeductible compensation.