INCOME TAXES |
9 Months Ended |
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Sep. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | NOTE 11 — INCOME TAXES The Company evaluates the extent to which earnings of its foreign subsidiaries are intended to be permanently reinvested outside the United States. As a result of its ongoing assessment of global cash strategy, the Company determined that a portion of previously indefinitely reinvested foreign earnings may be repatriated, resulting in a charge of approximately $12,977 during the third quarter 2026. During the third quarter 2025, the Company recognized tax expense of approximately $8,800 related to the cumulative impact of the One Big Beautiful Bill Act (“OBBBA”). The Company recognized $142,022 of tax expense on pre-tax income of $581,269, resulting in an effective income tax rate of 24.4% for the nine months ended September 30, 2026. The effective income tax rate was 23.5% for the nine months ended September 30, 2025. The effective tax rate was higher for the nine months ended September 30, 2026, as compared with the same period in 2025, primarily due to the mix of earnings and timing of discrete tax items and the change in the Company’s indefinite reinvestment assertion in foreign earnings as discussed above.
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