Quarterly report [Sections 13 or 15(d)]

INCOME TAXES

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INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 8. INCOME TAXES

Our forecasted annual effective tax rate (“AETR”) at March 31, 2026 was 2.2%, as compared to 5.5% at March 31, 2025. This decrease was primarily driven by an increase in forecasted pre-tax book income offset by rate impacting components such as permanent items and changes in valuation allowance as compared to the prior-year period.

For the three months ended March 31, 2026 and 2025, our effective tax rate (“ETR”) was 2.2% and (1.8)%, respectively. The increase in the ETR for the three months ended March 31, 2026, as compared to the prior-year period, was mainly attributable to the pre-tax book income for the three months ended March 31, 2026 as compared to the pre-tax book loss for the three months ended March 31, 2025.