The Company’s effective tax rate was 23.3% and 16.4% for the three months ended September 30, 2026 and September 30, 2025, respectively. The increase in the effective tax rate was due primarily to the increased valuation allowances against deferred tax assets related to foreign tax credit carryforwards (FTCs) and a decrease in the current three month period compared to the corresponding period last year in discrete tax benefits primarily resulting from the expiration of the statute of limitations and re-evaluation of tax positions related to certain unrecognized tax benefits, partially offset by a change in jurisdictional mix of earnings. The Company’s effective tax rate was 23.6% and 18.7% for the nine months ended September 30, 2026 and September 30, 2025, respectively. The change in effective tax rate was due primarily to increased valuation allowances against deferred tax assets related to foreign net operating loss carryforwards (NOLs) and FTCs and a decrease in the current nine month period compared to the corresponding period last year in discrete tax benefits primarily resulting from the expiration of the statute of limitations and re-evaluation of tax positions related to certain unrecognized tax benefits, partially offset by a change in jurisdictional mix of earnings.

The difference between the effective tax rate and the statutory U.S. Federal income tax rate of 21% for the three months ended September 30, 2026 primarily relates to state income taxes and increased valuation allowances, partially offset by decreases in uncertain tax positions, earnings subject to lower tax in foreign jurisdictions, untaxed income attributable to noncontrolling interests, and federal tax credits. The difference between the effective tax rate and the statutory U.S. Federal income tax rate of 21% for the nine months ended September 30, 2026 primarily relates to increased valuation allowances, state income taxes, and executive compensation subject to Section 162(m), partially offset by decreases in uncertain tax positions, earnings subject to lower tax in foreign jurisdictions, untaxed income attributable to noncontrolling interests, federal tax credits, and the windfall equity-based compensation deduction.

As of September 30, 2026, the Company’s deferred tax assets were subject to a valuation allowance of $60.4 million primarily related to foreign net operating loss carryforwards, foreign tax credit carryforwards, and capital losses that the Company has determined are not more-likely-than-not to be realized. The factors used to assess the likelihood of realization include: the past performance of the entities, forecasts of future taxable income, future reversals of existing taxable temporary differences, and available tax planning strategies that could be implemented to realize the deferred tax assets. The ability or failure to achieve the forecasted taxable income in these entities could affect the ultimate realization of deferred tax assets.

As of September 30, 2026 and December 31, 2025, the liability for income taxes associated with uncertain tax positions was $25.1 million and $32.4 million, respectively.

Although the Company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be materially different, both favorably and unfavorably.

Different non-US tax jurisdictions continue to enact legislation to adopt components of the Organization for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) Pillar Two Model Rules. In September 2026, the OECD released a Pillar Two implementation package. The package supports the consistent implementation and application of the Global Minimum Tax, including a framework for the full legislative review process,

updates to the Global Anti-Base Erosion (GloBE) Information Return (GIR), and new guidance on the application of the GloBE Model Rules. The Company has evaluated the impact of the enacted legislation to date and has determined there is no material impact to the Company’s income tax provision. We are continuing to evaluate the potential impact on future periods of the Pillar Two Framework, pending enactment of legislation by individual countries.