Income Taxes |
3 Months Ended |
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Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company provides for the effects of income taxes in interim financial statements based on the Company’s estimate of its annual effective tax rate for the full year, which is based on forecasted income by jurisdiction where the Company operates, adjusted for any tax effects of items that relate discretely to the period, if any. For the current quarter, the Company recognized an income tax benefit of $9.5 million, resulting in an effective tax rate of 68.2%. In the comparable period of 2024, the income tax benefit was $4.7 million, with an effective tax rate of 32.2%. The increase in the effective tax rate for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributed to non-deductible items, state income taxes, and changes in the valuation allowance. The Company’s effective tax rate of 68.2% is greater than the 21.0% federal statutory tax rate primarily due to non-deductible items and state income taxes.
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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