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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Year-to-date income tax expense or benefit is the product of the most current projected annual effective tax rate (“PAETR”) and the actual year-to-date pretax income adjusted for any discrete items. The income tax expense or benefit for a particular quarter, is the difference between the year-to-date calculation of income tax expense or benefit and the year-to-date calculation for the prior year period. Items unrelated to current period ordinary income or loss are recognized entirely in the period identified as a discrete item of tax. The Company’s PAETR differs from the U.S. federal statutory rate of 21.0% during the three months ended March 31, 2025 and 2024 primarily due to the impact of maintaining a U.S. valuation allowance provided on U.S. deferred tax assets. The Company’s income before taxes, income tax benefit and effective tax rates were as follows:
| Three Months Ended March 31, |  |
(In thousands, except percentages) | 2025 |  | 2024 |  |  |  |
Income before income taxes | $ | 35,010 |  |  | $ | 25,851 |  |  |  |  |
Benefit from income taxes | (125) |  |  | (1,105) |  |  |  |  |
Effective tax rate | (0.4) | % |  | (4.3) | % |  |  |  |
For the three months ended March 31, 2025 and 2024, the Company recorded an income tax benefit of $125 and $1,105, respectively. For both of the periods ended March 31, 2025 and March 31, 2024, the Company has recognized a year-to-date discrete tax benefit attributable to the excess tax benefits of stock-based compensation activity. The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income to fully utilize these assets. As of March 31, 2025, the Company continues to maintain a full allowance against its U.S. federal and state net deferred tax assets. Given the Company’s recent history of earnings, management believes there is a reasonable possibility that, during the year, sufficient positive evidence may become available to support a conclusion that a significant portion of the valuation allowance recorded against the deferred tax assets will be reversed. The reversal would result in an income tax benefit for the quarterly and annual fiscal period in which the Company releases the valuation allowance. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of profitability that the Company actually achieves.

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