Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes [Abstract]

Income Taxes

13. Income Taxes

We record any change to a previously recorded valuation allowance as a result of re-measuring existing temporary differences and loss carryforwards as a component of income tax expense (benefit) from continuing operations. The valuation allowance against certain deferred income tax assets was $2,093 and $2,506 at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025, and December 31, 2024, we had no unrecognized tax benefits, no accrued interest and penalties, and no significant uncertain tax positions. No interest and penalties were recognized during the three-month period ended March 31, 2025, or the year ended December 31, 2024.

Our effective tax rate for the three months ended March 31, 2025, was 16.6%, which was impacted by the $413 change in the recorded valuation allowance noted above. The effective tax rate for continuing operations was 21.5% for the three months ended March 31, 2024. Federal income taxes were allocated to discontinued operations at a 21.0% effective tax rate for the three months ended March 31, 2024.