XML 31 R21.htm IDEA: XBRL DOCUMENT v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company recorded an income tax expense of $38.3 million for the three months ended March 31, 2025, compared to an income tax expense of $35.5 million for the three months ended March 31, 2024. The difference between income before income tax at the U.S. federal statutory rate and the income tax expense recorded for the three months ended March 31, 2025 is primarily due to the impact of U.S. state taxes offset by benefits from tax credit generation and the release of income tax reserves due to lapsing of statute of limitations.

The difference between the income tax expense for the three months ended March 31, 2025 and the income tax expense for the three months ended March 31, 2024 primarily relates to the release of the valuation allowance in the fourth quarter of 2024.
The Company is subject to income taxes in the U.S. and certain foreign tax jurisdictions. The tax provision for the three months ended March 31, 2025 and March 31, 2024 is calculated on a jurisdictional basis. The Company estimated the worldwide income tax provision using the estimated annual effective income tax rate expected to be applicable for the full year. The Company’s effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect, among other things, the assumptions used to estimate the annual effective tax rate, including factors such as the mix of forecasted pre-tax earnings in the various jurisdictions in which the Company operates, changes in valuation allowances against deferred tax assets, the recognition and de-recognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business.