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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $121.0 million and $159.4 million for the three and six months ended June 30, 2025, respectively, compared to an income tax expense of $59.0 million and $94.5 million for the three and six months ended June 30, 2024, respectively. The difference between income tax at the U.S. federal statutory rate and the income tax expense recorded for the three and six months ended June 30, 2025 is primarily due to the generation of tax credits and a change in valuation allowance in Ireland. The difference between the income tax expense for the three and six months ended June 30, 2025 and the income tax expense for the three and six months ended June 30, 2024 primarily relates to the pre-tax results for each quarter and maintaining a valuation allowance on U.S. deferred tax assets through the second 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 and six months ended June 30, 2025 and June 30, 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. On July 4, 2025, subsequent to the balance sheet date, the United States enacted the One Big Beautiful Bill Act (H.R. 1), which includes significant changes to federal tax law. The Company is evaluating the potential impact of these changes on its financial statements, including effects on cash taxes, deferred tax assets and liabilities, and the effective tax rate. The analysis is ongoing, and the Company will recognize any impacts in the third quarter of 2025, the period in which the law was enacted, with the anticipation of material cash tax savings starting in fiscal year 2025.

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