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Note 9 - Income Taxes
 6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

9.

Income Taxes

 

The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. With few exceptions, the Company is no longer subject to United States Federal, state, or foreign income tax examinations for years before 2020.

 

The Company recorded income tax expense at an estimated effective income tax rate of 27.5% and 25.3% for the three and six months ended June 30, 2025, respectively and 25.5% and 26.3% for the three and six months ended June 30, 2024, respectively. The Company’s estimated effective income tax rates for the three months ended June 30, 2025 and for the three and six months ended June 30, 2024 were primarily impacted by non-deductible permanent differences. The Company’s estimated effective income tax rate for the six months ended June 30, 2025 was primarily impacted by non-deductible permanent differences, partially offset by the tax windfalls recognized upon the vesting of equity awards.

 

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, extending key provisions of the 2017 Tax Cuts and Jobs Act including, but not limited to, federal bonus depreciation and deductions for domestic research and development expenditures. As the legislation was signed into law after the close of the Company’s second quarter, the impacts are not included in operating results for the six months ended June 30, 2025. The Company is currently evaluating OBBBA; however, it is not expected to have a material impact on the Company’s consolidated financial statements.