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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company recorded an income tax expense of $139.9 million and $299.3 million for the three and nine months ended September 30, 2025, respectively, compared to an income tax expense of $43.0 million and $137.5 million for the three and nine months ended September 30, 2024, respectively. The difference between the income tax expense for the three and nine months ended September 30, 2025 and the income tax expense for the three and nine months ended September 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 third quarter of 2024. The difference between income tax at the U.S. federal statutory rate and the income tax expense recorded for the three and nine months ended September 30, 2025 is primarily due to the generation of tax credits and a change in the deferred tax valuation allowance in Ireland and Spain. The Company is subject to income taxes in the U.S. and certain foreign tax jurisdictions. The tax provision for the three and nine months ended September 30, 2025 and September 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, the United States enacted the One Big Beautiful Bill Act (H.R. 1), which includes significant changes to federal tax law. The Company has recognized the impacts in the third quarter of 2025, the period in which the law was enacted. The Company anticipates a material reduction for expected cash taxes paid in fiscal year 2025. While we continue to evaluate the impact for future years, we do not expect a material impact to our current year effective tax rates for income taxes.

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