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INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
INCOME TAXES |
INCOME TAXES | (14) INCOME TAXES The Company's effective income tax rate was 27.3% and 30.0% for the three and nine months ended September 30, 2024 respectively, compared to 29.2% and 30.6% for the three and nine months ended September 30, 2023, respectively. The Company's effective income tax rate for the three and nine months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21% mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity. Our effective income tax rate for the three and nine months ended September 30, 2023 was higher than the applicable statutory income tax rate of 21% as a result of our U.S. deferred tax activity and certain foreign earnings being subject to higher local statutory tax rates. The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15%. Based on current enacted legislation effective in 2024, the Company does not expect a material financial impact in 2024. We are monitoring developments and evaluating the impacts these new rules will have on our future income tax provision and effective income tax rate.

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