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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
INCOME TAXES |
INCOME TAXES | 12. INCOME TAXES ​ The Company’s tax rate was 20.3% and 9.2% for the first quarter of 2025 and 2024, respectively. The change in the Company’s tax rate for the first quarter of 2025 compared to the first quarter of 2024 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 2. ​ The Company recognized net tax benefits related to discrete tax items of $0.5 million in the first quarter of 2025. This included $7.3 million associated with share-based compensation excess tax benefits. The remaining net expense of $6.8 million is from other income tax adjustments including audit settlements, changes in uncertain tax positions, and other changes in estimates. ​ The Company recognized net tax benefits related to discrete tax items of $48.2 million in the first quarter of 2024. This included a tax benefit of $41.9 million associated with transferring certain intangible property between affiliates and $8.6 million associated with share-based compensation excess tax benefits. The remaining net expense of $2.3 million is from other income tax adjustments including the impact of changes in tax laws, audit settlements, and other changes in estimates. ​ The Organization for Economic Co-operation’s (“OECD”) global minimum tax regime (“Pillar Two”) is effective in certain countries where the Company operates. 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 2025 financial statements. ​ ​

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