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INCOME TAXES | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The Company had income tax expense of $26.4 million and $69.5 million in the third quarter and first nine months of 2025, respectively, compared to $20.9 million and $57.7 million in the third quarter and first nine months of 2024, respectively. The Company’s effective tax rates were 24.4% and 24.5% for the third quarter and first nine months of 2025, respectively, compared to 24.6% and 25.3% for the third quarter and first nine months of 2024, respectively. The increase in income tax expense in the third quarter of 2025 was primarily due to higher pre-tax income. The effective income tax rate in the third quarter of 2025 is consistent with the third quarter of 2024. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The OBBBA includes provisions retroactive to January 1, 2025, and among other provisions, eliminates the requirement to capitalize and amortize domestic research and experimentation expenditures over five years and provides an election for taxpayers to deduct such expenditures in the year incurred. These changes will result in lower cash tax payments for fiscal year 2025. The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework (“Pillar Two”), and certain governments globally enacted these rules effective January 1, 2024. The Company continues to assess the potential impacts of Pillar Two and does not expect it to have a material effect on the Company’s financial statements.

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