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Note 10 - Income Taxes
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

10.

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 2021.

 

The Company recorded income tax expense at an estimated effective income tax rate of 26.0% and 25.6% for the three and nine months ended September 30, 2025, respectively and 26.3% and 26.3% for the three and nine months ended September 30, 2024, respectively. The Company’s estimated effective income tax rates for the three months ended September 30, 2025 and for the three and nine months ended September 30, 2024 were primarily impacted by non-deductible permanent differences. The Company’s estimated effective income tax rate for the nine months ended September 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. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the OBBBA enacted during the quarter and estimated its impact on the consolidated financial statements to be immaterial. The Company will continue to evaluate the full impact of these legislative changes as additional guidance becomes available.