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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes |
6. Income Taxes
We estimate our annual effective tax rate to be 22.5% for the full year 2025, which differs from the U.S. federal statutory rate due to state and foreign income taxes, federal taxation of international operations, and nondeductible executive compensation, partially offset by federal tax credits generated. Our actual effective tax rate of 23.9% for the nine months ended September 30, 2025 compared to the estimated annual effective tax rate of 22.5%, was higher primarily due to shortfalls recognized for employee share-based compensation, net of disallowed executive compensation, partially offset by the tax benefit related to the commencement of our Malaysia tax holiday. On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law in the U.S., and includes a broad range of tax reform provisions. We have considered the impact of the OBBBA on the Company’s annual effective tax rate, and determined these changes did not have a significant impact to the annual effective tax rate. We expect the primary impact of this legislation to be a reduction in our U.S. income tax liability related to the ability to currently deduct U.S.-based research expenses against U.S. income. During the third quarter of 2025, the Malaysia Investment Development Authority, or MIDA, certified our achievement of the milestones and conditions related to our Malaysia income tax holiday. We have recorded a tax benefit related to the retroactive application of the tax holiday back to January 1, 2024. The Organization for Economic Co-operation and Development’s, or OECD, Pillar Two Initiative introduced a 15% global minimum tax for certain multinational groups exceeding minimum annual global revenue thresholds. Some countries in which the Company operates have enacted legislation adopting the minimum tax effective January 1, 2024. As of September 30, 2025, we are subject to Pillar Two minimum tax in Malaysia due to the commencement of our tax holiday. Otherwise, we do not expect the implementation of the OECD Pillar Two global minimum tax rules, including the transitional safe harbor provisions, to have a material impact on our consolidated financial statements. We continue to monitor legislative developments and interpretive guidance across relevant jurisdictions and will assess the potential implications of these rules and potential changes in our financial forecast and include any appropriate minimum tax in our annual effective tax rate for the calendar year.

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