Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company's effective income tax rate for the three months ended March 31, 2026 and 2025, is as follows:

	Three months ended March 31,
	2026		2025
Effective income tax rate	33.1	%	26.6	%

Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions subject to valuation allowances cannot recognize a tax benefit with regard to their generated losses and are excluded from the annual effective tax rate calculation as their taxes will be recorded discretely in each quarter.

Our 2026 estimated annual effective tax rate primarily reflects the 21% federal tax rate, the impact of state and local taxation, the impact of taxation upon foreign operations, and forecasted permanent differences. Our actual effective tax rates were 33.1% and 26.6% for the three months ended March 31, 2026 and 2025, respectively.

The effective rate for the three months ended March 31, 2026 was higher than the effective tax rate for the three months ended March 31, 2025, largely due to the absence of favorable discrete tax items in the current year.

The Company is subject to audit in the U.S. and various foreign jurisdictions. Our open tax years for major jurisdictions generally range from 2013-2025. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty.