Income Taxes |
6 Months Ended |
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Jun. 30, 2025 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 6 — Income Taxes
The Company’s income tax benefit of $0.6 million for the three months ended June 30, 2025, reflects an effective tax rate of 20.7%. The Company’s income tax expense of $2.3 million for the three months ended June 30, 2024, reflects an effective tax rate of 30.2%. The decrease in tax expense for the quarter ended June 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 benefit of $1.8 million for the six months ended June 30, 2025 reflects an effective tax rate of 27.3%. The Company’s income tax benefit of $4.4 million for the six months ended June 30, 2024 reflects an effective tax rate of 33.2%. The decrease in tax benefit during the six months ended June 30, 2025 compared to the corresponding period in 2024 was primarily due to a decrease in benefits from discrete items.
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. |