Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Tax

Income Taxes

The effective tax rate was 31.0% for the six months ended June 30, 2025, compared to 22.0% for the six months ended June 30, 2024. The increase in the effective tax rate for the six months ended June 30, 2025 was primarily attributable to non-deductible expenses related to the Brigit acquisition. Additionally, in the six months ended June 30, 2024 we recorded a favorable adjustment related to foreign deferred tax assets that did not reoccur in the six months ended June 30, 2025.

On July 4, 2025 the One Big Beautiful Bill Act ("OBBB") was signed into law. The OBBB contains a broad range of tax reform provisions, including the reinstatement of 100% bonus depreciation and the immediate expensing of domestic R&D under the new § 174A of the Internal Revenue Code. We are currently evaluating the effects OBBB will have on our financial statements. There is no impact from this legislation reflected in our financial statements as of June 30, 2025.