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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The effective tax rate was 22.8% for the first quarter of 2025, compared to 21.1% for the first quarter of 2024. The increase in the effective tax rate was primarily due to a 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, 2024, the Company had $99.3 million in unrecognized tax benefits, the recognition of which would have an effect of $84.0 million on the effective tax rate. Included in the balance of unrecognized tax benefits at December 31, 2024 was $7.9 million related to tax positions for which it is reasonably possible that the total amounts could significantly change during the next twelve months. The Company classifies all income tax related interest and penalties as income tax expense. At December 31, 2024, the Company had accrued $18.8 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, 2024 during the first three months of 2025. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company finalized the IRS audit for the 2017 through 2019 income tax returns in the fourth quarter of 2024 and paid the tax assessment in the first quarter of 2025. The Company expects to pay the related interest assessment in the second quarter of 2025. As of March 31, 2025, the federal statute of limitations has not expired for the 2020 through 2024 tax years. At March 31, 2025, the Company is subject to non-U.S. income tax examinations for the tax years of 2014 through 2024. In addition, the Company is subject to state and local income tax examinations for the tax years 2017 through 2024.

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