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INCOME TAXES | 3 Months Ended
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Mar. 31, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES For the three-month periods ended March 31, 2025 and 2024, the Company calculated its effective tax rate estimating its annual effective tax rate. The Company’s effective tax rate for the three months ended March 31, 2025 and 2024 was 45.5% and 27.0%, respectively, including the impact of discrete items. Excluding discrete items, the Company’s effective tax rate for the three months ended March 31, 2025 and 2024 was 56.1% and 37.0%, respectively. The effective tax rates for the first quarters of 2025 and 2024 were primarily impacted by federal and state taxes. The increase in the effective tax rate was primarily related to a decrease in book income relative to nondeductible items. As of March 31, 2025, the Company had approximately $10.2 million of unrecognized tax benefits included in other non-current liabilities, $11.1 million, net of deferred taxes, which would impact the effective tax rate if recognized. During the three months ended March 31, 2025, the Company had net increases of $0.3 million to its current year unrecognized tax benefits related to federal and state tax provisions. Effective January 1, 2024, many international jurisdictions implemented the Pillar Two rules issued by the Organization for Economic Co-operation and Development. In general, large multinational entity groups with consolidated revenue in excess of 750 million Euros in at least two of the preceding four years could be subject to the new rules in jurisdictions with an effective tax rate below fifteen percent. The Company currently operates in one country that has adopted the Pillar Two rules, but should meet the safe harbor rules. The Company does not expect the adoption of the Pillar Two rules by any jurisdiction in which it currently operates to have a material impact on its financial statements. The tax years 2012 through 2024 remain open to examination by certain taxing jurisdictions to which the Company is subject to tax, other than certain states in which the statute of limitations has been extended.

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