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INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
Note 6 — INCOME TAXES
During the three and six months ended June 30, 2024, the Company’s effective tax rate of 24.9% and 25.1%, respectively, 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 non-deductible costs. These unfavorable items were partially offset by U.S. research and development credits, a decrease in valuation allowances, and favorable impacts of other foreign tax items.
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 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 and favorable impacts of other foreign tax items.