INCOME TAXES |
9 Months Ended |
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Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES Each year the Company files hundreds of tax returns in the various national, state, and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. The Company has ongoing federal, state, and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's interim results of operations. The Company's effective tax rate on continuing operations for the third quarter of 2026 was 38.7 percent, compared with (12.1) percent for the third quarter of 2025. The increase in the effective tax rate was primarily attributable to transaction-related tax benefits recognized in the prior-year period in connection with the separation and spin-off of the Electronics business, as well as U.S. provision-to-return adjustments recorded in 2026. For the first nine months of 2026, the effective tax rate on continuing operations was 29.5 percent, compared with 22.6 percent for the first nine months of 2025. The increase in the effective tax rate for 2026 was primarily attributable to the absence of transaction-related tax benefits recognized in 2025 in connection with the separation and spin-off of the Electronics business, as well as U.S. provision-to-return adjustments recorded in 2026. On January 5, 2026, the Organisation for Economic Co‑operation and Development ("OECD") issued additional administrative guidance related to Pillar Two, including “side‑by‑side” rules and an extension of the Transitional Country‑by‑Country Reporting Safe Harbor through fiscal year 2027. Based on the guidance issued to date, these provisions do not have a material impact on the Company’s financial position, results of operations, or cash flows, and the Company will continue to monitor related U.S. and international developments.
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