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INCOME TAXES | 9 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | Note 8 — INCOME TAXES During the three months ended September 30, 2023, the Company’s effective tax rate was a benefit of 3.1%, which is below the U.S. federal statutory rate of 21.0%. The lower tax rate is primarily due to a favorable return-to-provision adjustment related to increased capital loss deduction, partially offset by foreign withholding tax associated with the future repatriation of certain foreign earnings, an increase in valuation allowances and certain non-deductible expense. During the nine months ended September 30, 2023, the Company's effective tax rate of 26.9% was above the U.S. federal statutory rate of 21.0%. The higher tax rate is primarily due to foreign withholding tax associated with the future repatriation of certain foreign earnings, an increase in valuation allowances and certain non-deductible expense, offset by the capital loss disclosed above along with the U.S. research and development tax credit. During the three months ended September 30, 2022, the effective tax rate benefit of 4.1% was below the U.S. federal statutory rate of 21.0%. The tax rate benefit relates to a pretax loss as well as state income tax benefits, favorable U.S. return-to-provision adjustments for 2021 and the U.S. research and development tax credit. These favorable items were partially offset by global intangible low-taxed income (GILTI) tax, certain non-deductible expense and an increase in valuation allowances. During the nine months ended September 30, 2022, the Company's effective tax rate of 29.4% was above the U.S. federal statutory rate of 21.0% primarily due to GILTI tax, foreign withholding tax liabilities accrued associated with the future repatriation of certain foreign earnings, certain non-deductible expense and an increase in valuation allowances. These unfavorable items were partially offset by favorable U.S. return-to-provision adjustments for 2021, state tax benefits and the U.S. research and development tax credit.

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