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INCOME TAXES | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | 13. INCOME TAXES During the three and six months ended June 30, 2024, the Company recorded an income tax provision of $7.1 million and $12.4 million, respectively. The effective tax rate for the six months ended June 30, 2024 was 22.6%. The income tax provision primarily relates to the current tax provision on taxable profits, including in certain states which restrict the amount of net operating loss carryforwards which may be utilized to offset taxable income. The Company continues to maintain a valuation allowance on its worldwide deferred tax assets with the exception of deferred tax assets in certain foreign jurisdictions, as it has concluded that it is more likely than not that these deferred tax assets will not be realized. During the three and six months ended June 30, 2023, the Company recorded an income tax provision of $9.4 million and $13.4 million, respectively. The effective tax rate for the six months ended June 30, 2023 was (2.5%). For tax years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to currently deduct research and development expenses and requires taxpayers to capitalize and amortize the costs over five years for research activities performed in the U.S. and 15 years for research activities performed outside the U.S. The requirement to capitalize research and development costs for tax purposes resulted in the Company having taxable profits and recording federal and state tax expense of $2.9 million and $10.5 million, respectively. The state tax expense of $10.5 million is primarily related to state taxable income, partially offset by net operating loss carryforwards.

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