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INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate is as follows below. The three and nine months ended September 30, 2023, have been adjusted to conform to the current year presentation.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Federal statutory rate			21.0		%				21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			3.2						2.8						2.7						2.4
Share based payment awards			(2.7)						(1.5)						(1.4)						(2.9)
Foreign tax credits			13.7						(9.0)						3.8						(4.8)
Other U.S. tax credits and incentives			(5.1)						(6.1)						(5.8)						(4.5)
Foreign tax rate differential			(4.5)						8.4						(0.4)						2.1
Business divestitures (1)			7.9						(5.9)						2.8						(1.6)
Section 162(m) limitation on compensation			1.1						1.5						1.0						1.1
Other			(2.2)						0.5						(0.7)						0.7
Effective income tax rate			32.4		%				11.7		%				23.0		%				13.5		%

____________________________________________

(1) Amounts in the three and nine months ended September 30, 2024, relate to the divestiture of our Europe Surface Transportation business. Amounts in the three and nine months ended September 30, 2023, relate to the divestiture of our Argentina operations. Refer to Note 14, Divestitures, for further discussion related to these divestitures.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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