INCOME TAXES |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective tax rate for the three months ended June 30, 2025 and 2024 was 27.6% and 20.9%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's geographic income mix, lower permanent tax benefits, and a smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy. The effective tax rate for the six months ended June 30, 2025 and 2024 was 28.1% and 20.1%, respectively. The increase in the 2025 effective tax rate was due to the impact of the Company's geographic income mix and a smaller rate reduction from the discrete impact on period earnings from Argentina's highly-inflationary economy. The 2024 effective tax rate was reduced by the impact of discrete items, including the impact of highly-inflationary accounting and tax-related inflation adjustments in Argentina. The Organization for Economic Cooperation and Development (the "OECD") has proposed a global minimum tax of 15% of reported profits ("Pillar Two") that has been agreed upon in principle by over 140 countries. Pillar Two legislation has been enacted in one or more jurisdictions in which the Company operates and the Company has determined that it falls within the scope of the legislation. The Company has assessed the impact of the Pillar Two legislation and related transitional safe harbor provisions and does not expect the tax impacts of the legislation to have a material impact on the Company's financial results during 2025. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S. law. Key income tax related provisions of the OBBBA include the repeal of mandatory capitalization of research and development expenditures under the Internal Revenue Code ("IRC") Section 174, reinstating full expensing beginning in 2025, extension of bonus depreciation, and revisions to U.S. international tax rules. The Company is evaluating the financial implications of the OBBBA and will begin reflecting its effects in the third quarter of 2025.
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