Note N - Provision for Taxes

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note N – Provision for Taxes

The effective tax rate for the three months ending September 30, 2025, was 22.0% compared to 23.9% for the same three month period last year. The effective tax rate for the first nine months ending September 30, 2025, was 23.2% compared to 23.9% for the same period last year. The lower tax rate for 2025 was primarily driven by tax windfall adjustments on stock incentives and favorable return to provision adjustments.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA includes changes such as provisions allowing accelerated tax deductions for qualified property and research expenditures and provides permanent extensions of certain expiring provisions of the Tax Cuts and Jobs Act. We are evaluating the impact of these provisions; however, there were no discrete effects in the third quarter, and we do not expect a material impact on our 2025 consolidated financial statements.