INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES For interim income tax reporting the Company estimates its annual effective income tax rate and applies it to its year-to-date ordinary income. The income tax effects of unusual or infrequently occurring items, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Company’s effective income tax rate was 11.7% and 13.9% for the three and six months ended June 30, 2025, respectively, and (4.3%) and 5.2% for the three and six months ended June 30, 2024, respectively. The Company recognizes deferred income tax assets, net of applicable reserves, related to net operating losses, tax credit carryforwards and certain temporary differences. The Company recognizes future tax benefits to the extent that realization of such benefit is more likely than not. Otherwise, a valuation allowance is applied. During the three months ended June 30, 2025, the Company received a closing letter from the IRS for the examination of its U.S. consolidated federal income tax returns for tax years 2015 through 2019. No material changes occurred as a result of the closure. The Company anticipates receiving its related refund claim in the next twelve months. On July 4, 2025, the One Big Beautiful Bill (OBBB) Act was signed into law in the United States and the Company continues to assess the impact on its financial statements.
|