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INCOME TAXES
 9 Months Ended
Sep. 30, 2025
INCOME TAXES  
INCOME TAXES

8.  INCOME TAXES

The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is revised, if necessary, at the end of each successive interim period to the Company's current annual estimated tax rate.

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Income tax provision for three months ended September 30, 2025 reflects an effective tax rate of 19.9% compared to 19.4% for the comparable period in the prior year. Income tax provision for nine months ended September 30, 2025 reflects an effective tax rate of 22.6% compared to 19.8% for the comparable period in the prior year. The increase in effective tax rate is primarily due to detrimental discrete adjustments compared to beneficial discrete adjustments in the prior year.

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In the third quarter of 2025, MPC implemented the provisions of the One Big, Beautiful Bill Act (“OBBBA”). Implementation of the OBBBA provisions resulted in a decrease of approximately $3.5 million in deferred income tax asset with a corresponding increase in income taxes receivable due to the 100% bonus depreciation on capital expenditures placed in service after January 19th, 2025 and immediate expensing of all domestic research and development costs, that were previously amortized over five years. Implementation of the OBBBA provisions did not have an impact on our effective rate or the Income tax provision in our Consolidated Statements of Operations for the three and nine months ended September 30, 2025.

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