“Year Ended December 31, (dollars in thousands) 2025 2024 2023 Amortization of acquired intangible assets $ 185,007 $ 181,472 $ 180,614 Interest expense $ 205,910 $ 204,300 $ 185,077 Net foreign exchange (gains) losses $ 256,234 $ (129,438) $ 90,045 Income tax expense $ 580,303 $ 790,294 $ 552,616 Effective tax rate 21 % 22 % 21 % Interest Expense The increase in interest expense in 2025 was primarily attributable to the issuance of our $600 million 6% unsecured senior notes in May 2024, partially offset by a decrease in interest expense on revolving lines of credit at certain of our operating businesses.”
“Any credit-related impairment losses on the Company's available-for-sale investments are recorded as an allowance, subject to reversal, and recognized in net income.”