XML 67 R13.htm IDEA: XBRL DOCUMENT v3.24.1.u1
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES

Note 6 — INCOME TAXES
During the three months ended March 31, 2024, the Company’s effective tax rate of 25.3% 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), non-deductible items, and an increase in foreign valuation allowances. These unfavorable items were partially offset by U.S. research and development credits.
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 GILTI, non-deductible items, and an increase in foreign valuation allowances. These unfavorable items were partially offset by U.S. research and development credits, favorable foreign earnings mix, and permanent items.