Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective tax rate was 25.2% and 20.5% for the three and nine months ended September 30, 2025, respectively, compared to 83.3% and 23.3% for the three and nine months ended September 30, 2024, respectively. The decrease in effective tax rates for the three and nine months ended September 30, 2025 compared to the prior year is primarily related to the recognition of the impairment of the Company’s investment in Wilmar and other discrete tax items specific to each period in the three and nine months ended September 30, 2024.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions, including the energy tax credit policy. The legislation has multiple effective dates between 2025 and 2027. The Company is evaluating the impact of the adoption of OBBBA, on future tax years, while the OBBA provision effective for 2025 have been considered in the current quarter and did not have a significant impact on the current year Consolidated Financial Statements.