Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes:

As of March 31, 2025, we had approximately $4.7 million in total gross unrecognized tax benefits. If recognized, $4.7 million would be recorded through the Consolidated Statements of Operations.

Our effective tax rate was 18.9% for the three months ended March 31, 2025 compared to 19.4% for the three months ended March 31, 2024. The decrease in rate is primarily due to income in low tax jurisdictions.

We are currently under a limited scope audit by the Internal Revenue Service for our 2021 and 2022 tax years. There are also ongoing U.S. state and local audits and other foreign audits covering fiscal years 2018 through 2023. We are generally no

longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by taxing authorities for years prior to 2018.