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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 records income tax expense during interim periods based on the best estimate of the full year’s tax rate as adjusted for discrete items, if any, that are taken into account in the relevant interim period. Each quarter, the Company updates its estimate of the annual effective tax rate and any change in the estimated rate is recorded on a cumulative basis. The effective tax rate from continuing operations was 29.7% and 30.8% for the three months ended June 30, 2025 and 2024, respectively, and 29.1% and 29.3% for the six months ended June 30, 2025 and 2024, respectively. The lower effective tax rate for each of the three and six months ended June 30, 2025 compared to the same periods in 2024 is primarily due to the impairment of the Globacap minority investment that occurred in 2024. The Company is currently undergoing audit examinations by various taxing jurisdictions in the ordinary course. It is reasonably possible that these audits will be concluded with agreed upon adjustments which would result in additional tax payments for prior periods within the next twelve months. The Company believes that sufficient reserves have been established to cover any adjustments arising from tax examinations. However, the outcomes of these examinations remain uncertain. The Company has classified a portion of these amounts as accounts payable and accrued liabilities on its condensed consolidated balance sheet as of June 30, 2025. This classification and the associated amount may change over the next twelve months, depending on when the Company finalizes agreements. On April 4, 2025, President Trump signed into law “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA extends many of the Tax Cuts & Jobs Act provisions beyond 2025. The corporate provisions impacting the Company include repealing the phase out of bonus deprecation and reverting to 100% expensing of fixed asset additions, making the 33.34% deduction against foreign-derived eligible income permanent and repealing the requirement to capitalize and amortize U.S. research and development costs. The legislation has several effective dates, with some provisions taking effect in 2025 and others being implemented by 2027. The Company is currently assessing the impact of the OBBBA on our condensed consolidated financial statements. The Company anticipates that these changes will result in current year cash tax savings while having no significant impact to the effective tax rate for 2025.

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