Income Taxes |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | NOTE 16 - Income Taxes The effective income tax rates for the three and nine months ended September 30, 2026 and 2025 are as follows:
Our effective income tax rate was 53.5% and 30.6% in the third quarter of 2026 and 2025, respectively. The increase in the effective income tax rate is primarily attributable to the establishment of reserves related to an uncertain tax position. The third quarter 2026 effective income tax rate was higher than the U.S. statutory federal tax rate for this same reason. The third quarter 2025 effective income tax rate was higher than the U.S. statutory federal tax rate primarily due to foreign earnings that are taxed at higher rates and the impact on the One Big Beautiful Bill Act.
Our effective income tax rate was 37.2% and 22.5% in the nine months ended September 30, 2026 and 2025, respectively. The increase in the effective income tax rate is primarily attributable to the establishment of reserves related to an uncertain tax position. The effective income tax rate in the first nine months of 2026 was higher than the U.S. statutory federal income tax rate for this same reason. The effective income tax rate in the first nine months of 2025 was higher than the U.S. statutory federal income tax rate primarily due to foreign earnings that are taxed at higher rates and the impact on the One Big Beautiful Bill Act.
In the third quarter of 2026, certain of the Company’s subsidiaries received notices from relevant tax authorities challenging certain of the Company’s tax position. Although the Company believes its tax positions are appropriate and is currently discussing the matter with the relevant tax authorities, the Company has recorded a charge of $12,728 in the third quarter of 2026. The Company is unable to estimate the timing for resolution of this matter. |
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