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INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | The effective tax rate for the three months ended September 30, 2024 and 2023 was 25.3% and 15.9%, respectively. For the three months ended September 30, 2024, the effective tax rate does not reflect any material discrete income tax benefits. For the three months ended September 30, 2023, the effective tax rate reflects discrete income tax benefits of $11.9 million resulting from the reversal of the valuation allowance against Brazilian deferred tax assets, $10.5 million relating to return-to-provision adjustments that resulted from the filing of the 2022 U.S. federal income tax return, and $7.6 million resulting from the exercise and vesting of stock-based awards. These discrete income tax benefits reduced the effective tax rate in the prior period by approximately 10.8 percentage points. The effective tax rate for the nine months ended September 30, 2024 and 2023 was 25.4% and 20.4%, respectively. For the nine months ended September 30, 2024, the effective tax rate reflects a discrete income tax benefit of $8.6 million resulting from the exercise and vesting of stock-based awards. For the nine months ended September 30, 2023, the effective tax rate reflects discrete income tax benefits of $29.7 million resulting from the exercise and vesting of stock-based awards, $11.9 million resulting from the reversal of the valuation allowance against Brazilian deferred tax assets, and $10.5 million relating to return-to-provision adjustments that resulted from the filing of the 2022 U.S. federal income tax return. These discrete income tax items reduced the effective tax rates in the respective periods by approximately 1.2 and 6.6 percentage points. The effective tax rate, excluding discrete income tax benefits, differs from the federal statutory income tax rate due primarily to state income taxes, nondeductible expenses, and the tax impact of international operations. There have been no material adjustments to the Company's assessment of uncertain tax positions since December 31, 2023.

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