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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | The effective tax rate for the three months ended March 31, 2025 and 2024 was 23.4% and 21.0%, respectively. For the three months ended March 31, 2025 and 2024, the effective tax rate reflects discrete income tax benefits of $4.7 million and $7.7 million, respectively, resulting from the exercise and vesting of stock-based awards. These discrete income tax benefits reduced the estimated annual effective tax rate in such periods by approximately 3.0 and 5.3 percentage points, respectively. During the three months ended March 31, 2025, the Company purchased transferable clean energy tax credits in the amount of $53.3 million. The Company used these tax credits to reduce its 2024 U.S. federal income tax liability. The Company has taken appropriate measures to mitigate the transferee liability associated with these tax credits, including but not limited to conducting due diligence to confirm the eligibility of the underlying projects or production, as applicable, for the tax credits and the eligibility of the tax credits for transfer, obtaining appropriate contractual protections from the sellers, and obtaining tax credit insurance. 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, 2024.

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