Quarterly report [Sections 13 or 15(d)]

Income Taxes

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Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded income tax expense from continuing operations of $1.5 million for the three months ended March 31, 2026 compared to $0.8 million for the three months ended March 31, 2025. The Company’s effective tax rates were 23.7% and 59.4% for the three months ended March 31, 2026 and 2025, respectively.
The effective tax rate for the three months ended March 31, 2026 differed from the statutory rate of 21% primarily due to changes in the valuation allowance and interest and penalties recognized during the period. The effective tax rate for the three months ended March 31, 2025 differed from the statutory rate of 21% primarily due to interest and penalties recognized during the period.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law in the United States. This legislation includes several changes to existing income tax provisions with certain changes effective in 2025 and others implemented through 2027. The Company primarily benefited from lower projected cash taxes as a result of OBBBA provisions that allowed for the current expensing of qualified capital expenditures, and an increase in the amount of allowable interest expense deductions.