Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
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 $53.9 million and $48.3 million for the three months ended September 30, 2025 and 2024, and $136.0 million and $124.2 million for the nine months ended September 30, 2025 and 2024, respectively.
The Company’s effective tax rate decreased to 24.8% in the third quarter of 2025 compared with 26.1% in the third quarter of 2024. During the nine months ended September 30, 2025, the Company's effective tax rate decreased to 24.9% compared to 25.6% in 2024. The reduced rate for both periods was primarily due to the purchase and use of transferable federal income tax credits during the three months ended September 30, 2025.
Cash paid for taxes during the nine months ended September 30, 2025 was $110.8 million, inclusive of cash paid to taxing authorities and third parties for purchases of investment tax credits.
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). Significant provisions of the OBBBA include the permanent extension of certain provisions of the 2017 Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The Company has evaluated the OBBBA and does not expect it to have a material impact on our condensed consolidated financial statements.