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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes |
9. Income Taxes
Our income tax (benefit) provision and effective income tax rates, including the effects of period-specific events, were:
| Three months ended September 30, |  | Nine months ended September 30,
(dollars in thousands) | 2025 | 2024 |  | 2025 | 2024
Income tax (benefit) provision | $ | (6,448) |  | $ | 11,714 |  |  | $ | 7,669 |  | $ | 18,568 |
Effective income tax rate | (15.7) | % | 39.0 | % |  | 8.9 | % | 28.4 | %
The decreases in our effective income tax rate for the three and nine months ended September 30, 2025 when compared to the same periods in 2024 were primarily due to the favorable impact of a valuation allowance reduction recorded against our net U.S. deferred tax assets. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The legislation makes permanent certain provisions of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation and restoring immediate expensing of research and development expenditures for activities performed within the United States. Under ASC 740, we recognized the impact of the first phase of the law in the third quarter of 2025. As a result, we recorded a reduction of our estimated annual effective tax rate from 31.4% reported in the second quarter of 2025 to 8.9%, primarily due to the permanent extension of research and development expensing. The impacts of OBBBA on our deferred tax assets resulted in a net downward adjustment of the valuation allowance. Based on our analysis, no further material impact is expected to the tax provision for fiscal year 2025. We currently expect a material impact from future phases in fiscal years 2026 and 2027, but not beyond.

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