Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes:

As of March 31, 2026, we had approximately $5.2 million in total gross unrecognized tax benefits. If recognized, $5.2 million would be recorded through the Consolidated Statements of Operations.

Our effective tax rate was 20.2% for the three months ended March 31, 2026 compared to 19.4% for the three months ended March 31, 2025. The increase in rate is primarily due to income in higher 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 2019 through 2024. 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 2019.