INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective tax rate was 22.8% and 23.0% for the third quarter and first nine months of 2026, compared to 21.4% and 22.5% for the third quarter and first nine months of 2025. The increase in the effective tax rate for the third quarter and the first nine months of 2026 was primarily due to less favorable impact from tax benefits related to employee share-based payments. The other significant components of the Company’s effective tax rate were consistent year-over-year. At December 31, 2025, the Company had $106.9 million in unrecognized tax benefits, the recognition of which would have an effect of $91.9 million on the effective tax rate. The Company classifies all income tax related interest and penalties as income tax expense. At December 31, 2025, the Company had accrued $23.9 million for the potential payment of income tax interest and penalties. There were no significant changes to any of the balances of unrecognized tax benefits at December 31, 2025 during the first nine months of 2026. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The IRS is currently auditing the Company’s 2020 through 2022 income tax returns. As of September 30, 2026, the federal statute of limitations has not expired for the 2020 through 2025 tax years. At September 30, 2026, the Company is subject to non-U.S. income tax examinations for the 2014 through 2025 tax years. In addition, the Company is subject to state and local income tax examinations for the 2016 through 2025 tax years.
|