Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 5. Income Taxes — Income tax expense was $387 for the three months ended March 31, 2025, as compared to $1,484 for the three-months ended March 31, 2024. The effective income tax rate for the three months ended March 31, 2025 was computed based on the estimated effective tax rate for the full year. This calculation resulted in an effective tax rate of negative 4.8% for the three months ended March 31, 2025, as compared to 48.9% for the three months ended March 31, 2024. The decrease in the effective income tax rate for the three months ended March 31, 2025 compared to the same period in the prior year is primarily attributed to losses incurred in the U.S. for the three months ended March 31, 2025 which did not result in a benefit for income tax. The U.S. entities maintain a valuation allowance against their net deferred tax assets which was established during the fourth quarter ended December 31, 2024. It is expected that $311 of unrecognized tax benefits will be released within the next twelve months due to expiration of the statute of limitations. |