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Income Tax Provision | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Tax Provision | NOTE 5 – Income Tax Provision The table below sets forth information related to our income tax expense:
| Three Months Ended |  |  | Nine Months Ended |
| September 30, |  |  | September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Domestic pre-tax income (loss) | $ | (27,451 | ) |  | $ | 7,327 |  |  | $ | 62,798 |  |  | $ | 3,502 |
Foreign pre-tax (loss) income | $ | 46,483 |  |  | $ | 11,475 |  |  | $ | 6,690 |  |  | $ | 46,910 |
Income tax provision | $ | 3,555 |  |  | $ | 3,619 |  |  | $ | 12,638 |  |  | $ | 9,799 |
Effective tax rate |  | 18.7 | % |  |  | 19.2 | % |  |  | 18.2 | % |  |  | 19.4 | %
Impact of tax holidays on tax expense | $ | (353 | ) |  | $ | 438 |  |  | $ | (816 | ) |  | $ | 641 |
Earnings per share impact of tax holidays: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.01 |  |  | $ | (0.01 | ) |  | $ | 0.02 |  |  | $ | (0.01 | )
Diluted | $ | 0.01 |  |  | $ | (0.01 | ) |  | $ | 0.02 |  |  | $ | (0.01 | )
The decrease in effective tax rate for the three and nine months ended September 30, 2025, when compared to the three and nine months ended September 30, 2024, is primarily due to the change in pre-tax earnings during the comparable periods, including the geographical mix of pre-tax income and loss across tax jurisdictions and changes in conclusions regarding the realizability of certain deferred tax assets. Our undistributed foreign earnings continue to be indefinitely reinvested in foreign operations, with limited exceptions related to certain earnings of European and Asian subsidiaries. Any future distributions of foreign earnings will not be subject to additional U.S. income tax but may be subject to non-U.S. withholding taxes. We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. We are no longer subject to U.S. federal income tax examinations by tax authorities for tax years before 2021. We are no longer subject to China income tax examinations by tax authorities for tax years before 2014. With respect to state and local jurisdictions and countries outside of the U.S. (other than China), with limited exceptions, the Company is no longer subject to income tax audits for years before 2018. Although the outcome of tax audits is always uncertain, the Company believes that adequate amounts of tax, interest and penalties, if any, have been provided for in the Company’s reserve for any adjustments that may result from currently pending tax audits. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in interest expense. As of September 30, 2025, the gross amount of unrecognized tax benefits was approximately $45.5 million. Several jurisdictions in which we operate have either enacted, or announced plans to enact, legislation consistent with the Organization for Economic Co-operation and Development Global Anti-Base Erosion Model Rules ("Pillar Two") which introduced a global minimum effective tax rate of 15% applied on a jurisdiction-by-jurisdiction basis. We have analyzed enacted legislation and do not anticipate that it will have a material impact on our effective tax rate for 2025; however, we continue to monitor future tax legislative changes in the jurisdictions in which we operate in order to evaluate the impacts to the consolidated financial statements. It is reasonably possible that the amount of the unrecognized benefit with respect to certain of the Company’s unrecognized tax positions will significantly increase or decrease within the next 12 months. At this time, an estimate of the range of the reasonably possible outcomes cannot be made. One Big Beautiful Bill Act On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of income tax provisions affecting businesses. The Company has evaluated the impact of this legislation and determined that there is no material impact to income tax expense for 2025.

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