INCOME TAXES |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company had income tax expense of $28.7 million and $43.1 million in the second quarter and first six months of 2025, respectively, compared to $21.5 million and $36.8 million in the second quarter and first six months of 2024, respectively. The Company’s effective tax rates were 25.7% and 24.6% for the second quarter and first six months of 2025, respectively, compared to 24.7% and 25.8% for the second quarter and first six months of 2024, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the second quarter of 2025. The increase in the effective income tax rate compared to the second quarter of 2025 was primarily attributable to a decrease in federal tax credits in 2025. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The OBBBA includes provisions retroactive to January 1, 2025, and among other provisions, eliminates the requirement to capitalize and amortize domestic research and development expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes are expected to result in a reduction to the Company’s income tax liability for fiscal year 2025 and will be accounted for in the period of enactment. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework (“Pillar Two”), and certain governments globally enacted these rules effective January 1, 2024. The Company continues to assess the potential impacts of Pillar Two and does not expect it to have a material effect on the Company’s financial statements.
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