Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes:

As of September 30, 2025, we had approximately $4.9 million in total gross unrecognized tax benefits. If recognized, $4.9 million would be recorded through the Consolidated Statements of Operations.

Our effective tax rate was 18.7% for the nine months ended September 30, 2025 compared to 19.3% for the nine months ended September 30, 2024. The decrease in rate is primarily due to higher 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.