INCOME TAXES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES For interim periods, the Company recognizes an income tax expense (benefit) based on the Company’s estimated annual effective tax rate, calculated on a worldwide consolidated basis, expected for the entire year. The interim annual estimated effective tax rate is based on the statutory tax rates then in effect, as adjusted for estimated changes in estimated permanent differences and excludes certain discrete items whose tax effect, when material, are recognized in the interim period in which they occur. These changes in permanent differences and discrete items result in variances to the effective tax rate from period to period. The Company’s annual effective tax rate changes throughout the year as our on-going estimates of pre-tax income, and changes in permanent differences are revised, and as discrete items occur. For the three months ended March 31, 2026, the Company recognized an income tax expense of $10.7 million. The Company’s effective tax rate was 26.7% after discrete items for the three months ended March 31, 2026. The effective tax rate differed from the federal statutory rate of 21% primarily due to state taxes and disallowed officers compensation partially offset by excess tax benefits recognized upon settlement of stock-based compensation. For the three months ended March 31, 2025, the Company recognized an income tax benefit of $4.3 million. The Company’s effective tax rate was 21.5% after discrete items for the three months ended March 31, 2025. The effective tax rate differed from the federal statutory rate of 21% primarily due to state taxes, stock-based compensation, and non-deductible expenses related to the 2024 acquisition of Alimera.
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