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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 17 - Income Taxes The effective income tax rates for the three and nine months ended September 30, 2025 and 2024 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Effective tax rate |  |  | 30.6 | % |  |  | 16.8 | % |  |  | 22.5 | % |  |  | 17.4 | %
The One Big Beautiful Bill Act (the “OBBBA”) was signed into law on July 4, 2025. The OBBBA contains significant tax law changes with various effective dates after its enactment date and made permanent the expiring tax provisions of the 2017 Tax Cuts and Jobs Act. The OBBBA also includes changes to the taxation of foreign derived intangible income, global intangible low-taxed income, interest expense, and research & developmental expenses. The impacts of these changes are reflected in the tax expense of the third quarter of 2025, resulting in a provisional non-cash charge of approximately $914. This amount is subject to adjustment in 2026 as we finalize the impact of the OBBBA on our operations. Our effective income tax rate was 30.6% and 16.8% in the third quarter of 2025 and 2024, respectively. The increase in the effective income tax rate is primarily attributable to a change in mix of earnings taxed at higher rates and the impact of the OBBBA. The third quarter 2025 effective income tax rate was higher than the U.S. statutory federal tax rate for the same reason as noted above. The third quarter 2024 effective income tax rate was lower than the U.S. statutory federal tax rate primarily due to foreign earnings that are taxed at lower rates and tax benefits from the filing of the U.S. federal income tax return. Our effective income tax rate was 22.5% and 17.4% in the nine months ended September 30, 2025 and 2024, respectively. The increase in the effective income tax rate is primarily attributable to a change in mix of earnings taxed at higher rates and the impact of the OBBBA. The effective income tax rate in the first nine months of 2025 was higher than the U.S. statutory federal income tax rate primarily due to same reason as noted above. The effective income tax rate in the first nine months of 2024 was lower than the U.S. statutory federal income tax rate primarily due to foreign earnings that are taxed at lower rates and tax benefits from the filing of the U.S. federal tax return.

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