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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 6 — Income Taxes

  

The Company’s income tax expense of $9.8 million for the three months ended September 30, 2025, reflects an effective tax rate of 33.1%. The Company’s income tax expense of $15.4 million for the three months ended September 30, 2024, reflects an effective tax rate of 22.8%. The decrease in tax expense for the three months ended September 30, 2025, compared to the corresponding period in 2024 is primarily attributable to a change in the forecasted annual effective tax rate driven by the change in the jurisdictional mix of earnings.

 

The Company’s income tax expense of $8.1 million for the nine months ended September 30, 2025 reflects an effective tax rate of 34.7%. The Company’s income tax expense of $11.0 million for the nine months ended September 30, 2024 reflects an effective tax rate of 20.2%. The decrease in tax expense during the nine months ended September 30, 2025 compared to the corresponding period in 2024 was primarily due to a decrease in pre-tax book income.

 

From time to time, in the normal course of business, the Company may be audited by federal, state and foreign tax authorities. At this time, the Company has at least one audit underway. The Company currently cannot assess the impact of the outcome on its condensed consolidated financial statements.

 

The One Big Beautiful Bill Act (“the Act”) was signed into law on July 4, 2025. The Act extends or reinstates certain provisions of the Tax Cuts and Jobs Act, includes tax relief measures, and revises international tax provisions, among other key items. The Company has evaluated the impact of the Act enacted and currently anticipates it will reduce our current cash tax payments and is not expected to have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate the full impact of the Act as future developments and guidance become available.