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INCOME TAXES
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
Note 8 — INCOME TAXES
During the three months ended March 31, 2023, the Company’s effective tax rate of 26.6% was above the U.S. federal statutory rate of 21.0% primarily due to foreign withholding tax, tax on global intangible low-taxed income (GILTI), and an increase in foreign valuation allowances. These unfavorable items were partially offset by U.S. research and development credits, favorable foreign tax rate differential, and other favorable permanent tax items.
During the three months ended March 31, 2022, the Company’s effective tax rate of 23.5% was above the U.S. federal statutory rate of 21.0% primarily due to foreign withholding tax, GILTI, and state taxes. These unfavorable items were also partially offset U.S. research and development credits, favorable foreign tax rate differential, and other favorable permanent tax items.