Note 7 - Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
NOTE 7 – INCOME TAXES
For the three months ended March 31, 2025, we generated $9 million in income from continuing operations before taxes and recorded a provision for income taxes of $1 million resulting in an effective tax rate of 11%. Our rates generally differ from the U.S. federal statutory rates of 21% as a result of state income taxes, non-deductible expenses and differing foreign income tax rates. The effective tax rate for the three months ended March 31, 2025 was lower than the U.S. federal statutory rate due a tax benefit on to the vesting of stock awards against lower income before taxes.
For the three months ended March 31, 2024, we generated $28 million in income from continuing operations before taxes and recorded a provision for income taxes of $8 million resulting in an effective tax rate of 29%. Our rates generally differ from the U.S. federal statutory rates of as a result of state income taxes, non-deductible expenses and differing foreign income tax rates. The effective tax rate for the three months ended March 31, 2024 was higher than the U.S. federal statutory rate due to foreign losses with no tax benefit due to valuation allowances.
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