INCOME TAXES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company’s provision for income taxes is recorded on an interim basis based upon the Company’s estimate of the annual effective income tax rate for the full year applied to “ordinary” income or loss, adjusted each quarter for discrete items. The Company recorded a provision for income taxes of $29.3 million and $32.3 million for the three months ended March 31, 2026 and 2025, respectively. The Company’s effective tax rate decreased to 21.3% in the first quarter of 2026 compared with 23.5% in the first quarter of 2025. The reduced rate was primarily due to increased benefits from stock-based compensation and the purchase of transferable federal income tax credits during the three months ended March 31, 2026. Cash paid for taxes, net of refunds, during the three months ended March 31, 2026 was $42.5 million, inclusive of cash paid to taxing authorities and third parties for purchases of investment tax credits.
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