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INCOME TAXES | 6 Months Ended
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Jun. 30, 2024
INCOME TAXES |
INCOME TAXES | 13. INCOME TAXES ​ The Company’s tax rate was 16.2% and 20.6% for the second quarter of 2024 and 2023, respectively, and 13.1% and 19.5% for the first six months of 2024 and 2023, respectively. The change in the Company’s tax rate for the second quarter and first six months of 2024 compared to the second quarter and first six months of 2023 was driven primarily by the impact of discrete tax items and special (gains) and charges. Further information related to special (gains) and charges is included in Note 3. ​ The Company recognized net tax benefits related to discrete tax items of $10.3 million and $58.5 million in the second quarter and first six months of 2024, respectively. This included a tax benefit of $41.9 million in the first six months of 2024 associated with transferring certain intangible property between affiliates and $3.7 million and $12.3 million in the second quarter and first six months of 2024, respectively, associated with share-based compensation excess tax benefits. The remaining net benefit of $6.6 million and $4.3 million in the second quarter and first six months of 2024, respectively, is from other income tax adjustments including the impact of changes in tax laws, audit settlements, unrecognized tax benefits and other changes in estimates. ​ The Company recognized net tax expense related to discrete tax items of $2.8 million and a net tax benefit of $1.2 million in the second quarter and first six months of 2023, respectively. This included share-based compensation excess tax benefits of $1.8 million and $1.9 million in the second quarter and first six months of 2023, respectively. Additionally, the Company recognized discrete tax expense of $4.6 million and $0.7 million during the second quarter and first six months of 2023, respectively, primarily due to audit settlements, uncertain tax positions, prior year return adjustments, repricing of deferred tax balances, and other changes in estimates. ​ The Organization for Economic Co-operation’s (“OECD”) global minimum tax regime (“Pillar Two”) became effective in certain countries where the Company operates starting in 2024. As such, an estimate of Pillar Two tax has been considered within the provision for income taxes. The Company continues to monitor these legislative developments, but based on information available does not anticipate material impacts to the 2024 financial statements. ​ ​

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