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INCOME TAX
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAX
NOTE 6 - INCOME TAX
Income tax expense for interim periods is recognized based on the annualized effective tax rate expected for the full year adjusted for the tax effect of certain items recognized in full in the interim period.
The effective tax rate for the three months ended March 31, 2025 and 2024 was 38.7% and 25.5%, respectively. The effective tax rate for the three months ended March 31, 2025 includes the impact of the temporary surtax in France which was enacted in February 2025, and resulted in a statutory tax rate of 30.98% for 2025, compared to 25.82% in 2024.
The difference between the effective tax rate and the statutory tax rate for the three months ended March 31, 2025 was primarily due to the geographical mix of our pre-tax results and losses in certain jurisdictions where we have recorded a full valuation allowance.
We have generally not recognized income tax expense or benefits on pre-tax income or losses generated in several jurisdictions where the recent history of operating losses does not allow us to satisfy the “more likely than not” criterion for the recognition of deferred tax assets.