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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The below discussion of the effective tax rate for the periods presented in the condensed consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate. We had a tax rate of 47.2% in the third quarter of 2025. During the quarter, our effective tax rate was unfavorably impacted by (i) an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized and (ii) an increase in reserves for uncertain tax positions. During the third quarter of 2024, our effective tax rate was 20.7%. During the third quarter of 2024, our effective tax rate was favorably impacted by a decrease of reserves for uncertain tax positions, partially offset by the mix of income in higher tax rate jurisdictions. We had a negative tax rate of 21.6% for the nine months ended September 30, 2025 due to tax expense on a pre-tax book loss. Our income tax expense for the nine months ended September 30, 2025 was unfavorably impacted by the $67.3 million goodwill impairment in curamik® for which no tax benefit is available, an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized, and an increase in reserves for uncertain tax positions. For the first nine months of 2024, the Company’s effective tax rate on its income before income taxes was 28.1%. The effective rate for the first nine months of 2024 was unfavorably impacted primarily by the write-off of deferred tax assets related to stock compensation and the mix of income in higher tax rate jurisdictions, partially offset by a decrease of reserves for uncertain tax positions. On July 4, 2025, H.R. 1, otherwise known as the “One Big Beautiful Bill Act”, was signed into law. We are currently evaluating the key provisions of this law and currently do not expect it to have a material impact on the Company or its financial statements. The OECD Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15%. Based on current enacted legislation effective in 2024 and our structure, we do not expect a material impact in 2025. We are monitoring developments and evaluating the impacts these new rules will have on our future effective income tax rate, tax payments, financial condition, and results of operations.

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