XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense increased $15.4 million to $28.6 million for the three months ended September 30, 2025 compared to $13.2 million for the three months ended September 30, 2024. The Company’s effective income tax rate ("ETR") was 37.3% for the three months ended September 30, 2025 compared to 19.3% for the three months ended September 30, 2024. Income tax expense increased $11.0 million to $68.8 million for the nine months ended September 30, 2025 compared to $57.8 million for the nine months ended September 30, 2024. The Company’s ETR was 23.6% for the nine months ended September 30, 2025 compared to 21.6% for the nine months ended September 30, 2024.
The ETR for the three and nine months ended September 30, 2025 differed from the U.S. statutory tax rate primarily due to the U.S. taxation of foreign income, state income taxes and the Company's jurisdictional mix of earnings, partially offset by the impact of the U.S. deduction for foreign-derived intangible income and federal and state tax credits. The ETR for the three and nine months ended September 30, 2024 differed from the U.S. statutory tax rate primarily due to the impact of the U.S. deduction for foreign-derived intangible income and federal and state tax credits, as well as the U.S. taxation of foreign income and the Company's jurisdictional mix of earnings.
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act, which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions effective in 2025 and others in future periods. The Company has completed its initial assessment of the enacted law and has included the impact of the enactment within its consolidated financial statements for the nine months ended September 30, 2025.