INCOME TAXES |
3 Months Ended |
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Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Our effective income tax rate was 15.0% and 24.2% for the three months ended March 31, 2025 and 2024, respectively. The tax rate for the three months ended March 31, 2025 is lower than the U.S. statutory rate primarily due to the release of income tax reserves in a foreign jurisdiction for tax years which are no longer subject to an assessment from the local taxing authorities, the remeasurement gain that was recorded due to the NMP acquisition which is not taxable, and research and development (“R&D”) benefits, partially offset by geographic earnings mix, withholding taxes, and state taxes. The tax rate for the three months ended March 31, 2024 is higher than the U.S. statutory rate primarily due to geographic earnings mix, withholding taxes, and state taxes, partially offset by R&D benefits. The Company is currently being audited in a number of jurisdictions for tax years 2004-2023, including China, France, Germany, India, Japan, Norway, the United Kingdom, and the United States.
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