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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Taxes  
Income Taxes

Note 14.  Income Taxes

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Income tax expense was $4.2 million for the three months ended September 30, 2025, compared to $6.8 million for the three months ended September 30, 2024. The $2.6 million decrease was primarily due to the decrease in pre-tax book income. The reported effective tax rate (“ETR”) for the three months ended September 30, 2025 was 13.8% compared to 12.3% for the three months ended September 30, 2024. The ETR increase was primarily due to the impact of the One Big Beautiful Bill Act (“OBBBA”). The ETR for the nine months ended September 30, 2025 was less than the U.S. statutory rate of 21% primarily attributable to Foreign Derived Intangible Income deduction and Federal research and development tax credits.

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On July 4, 2025, legislation known as the One Big Beautiful Bill Act was signed into law. The OBBBA makes significant changes to certain U.S. corporate tax provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions becoming effective in 2025 and others scheduled to be implemented through 2027. The impacts of the portions of the OBBBA are reflected in our results for the quarter ended September 30, 2025. We will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.

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