INCOME TAXES |
3 Months Ended |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company had income tax expense of $10.4 million and $14.4 million in the first quarters of 2026 and 2025, respectively. The Company’s effective tax rates were 10.6% and 22.5% for the first quarters of 2026 and 2025, respectively. The decrease in income tax expense and effective income tax rate in the first quarter of 2026 was primarily due to a higher tax benefit from stock-based awards that settled in the first quarter of 2026. 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 experimentation expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes will result in lower cash tax payments for fiscal year 2026. The Organization for Economic Co-operation and Development (the “OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large multinational corporations at a minimum rate of 15% in each jurisdiction in which the group operates. A number of countries have enacted legislation to implement the core elements of Pillar Two, with certain rules becoming effective on January 1, 2024. Based on the Company’s analysis, this minimum tax does not have a material impact on the Company’s Condensed Consolidated Financial Statements.
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