INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Our effective income tax rates were 20.6% and 20.3% for the three and nine months ended September 30, 2026, respectively, compared to 20.4% and 20.2% for the three and nine months ended September 30, 2025, respectively. Our current-period effective tax rate for the three months ended September 30, 2026, increased compared to the prior-year period, primarily due to lower tax benefits from share-based compensation and higher international taxes on foreign earnings. These unfavorable impacts were partially offset by the favorable comparative impact from a prior-year reduction in our U.S. tax benefit associated with Foreign-Derived Intangible Income (“FDII”) that resulted from the acceleration of research and development deductions permitted under changes in U.S. tax law that were enacted in July 2025, and by lower state income tax expense. Our current-period effective tax rate for the nine months ended September 30, 2026, increased compared to the prior-year period primarily due to lower tax benefits from share-based compensation and from the resolution of international tax audits in the prior year. These unfavorable impacts were partially offset by the favorable comparative impact from a prior-year reduction in our U.S. tax benefit associated with FDII that resulted from the acceleration of research and development deductions permitted under changes in U.S. tax law that were enacted in July 2025. The effective tax rates for the three and nine months ended September 30, 2026, were lower than the U.S. federal statutory tax rate of 21% primarily due to tax benefits from share-based compensation, partially offset by U.S. state taxes. Cash paid for income taxes, net of refunds, during the nine months ended September 30, 2026 and 2025, were $166.2 million and $150.1 million, respectively.
|