Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES In the three months ended March 31, 2025 and 2024, the Company had an estimated effective tax rate of 12.6% and 19.2%, respectively. The change in effective tax rate is due to an increase in the amount of Foreign Derived Intangible Income deduction benefit available to the Company and tax benefits related to share-based compensation. In addition, the Company is subject to a decrease in the Global Intangible Low-Tax Income inclusion derived from the increase in French revenue. During both the three months ended March 31, 2025 and 2024, the Company recorded discrete net benefits of $3.9 million and $1.7 million, respectively, primarily related to share-based compensation. The effective tax rate reported in any given year will continue to be influenced by a variety of factors, including timing differences between the recognition of book and tax revenue, the level of pre-tax income or loss, the foreign vs. domestic classification of the Company’s customers, and any discrete items that may occur. During the three months ended March 31, 2025 and 2024, the Company paid approximately $3.2 million and $9.3 million, respectively, in foreign source creditable withholding tax.
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