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INCOME TAXES
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
Note 8 — INCOME TAXES
During the three and six months ended June 30, 2023, the Company’s effective tax rate of 31.8% and 29.3%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to an increase in foreign valuation allowances, tax on global intangible low-taxed income (GILTI), permanent tax items, and foreign withholding tax. These unfavorable items were partially offset by U.S. research and development credits and favorable international tax rate differential.
During the three and six months ended June 30, 2022, the Company’s effective tax rate of 26.6% and 25.1%, respectively, was above the U.S. federal statutory rate of 21.0% primarily due to an increase in foreign valuation allowances, foreign withholding tax, state taxes, and tax on GILTI. These unfavorable items were also partially offset by U.S. research and favorable international tax rate differential.