INCOME TAXES |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The effective income tax rate for the nine months ended September 2023 was 21.4% compared to 20.1% in the 2022 period. The nine months ended September 2023 included a net discrete tax expense primarily related to the remeasurement of deferred tax assets associated with a tax holiday from local income taxes in a foreign jurisdiction. The net discrete tax expense for the nine months ended September 2023 increased the effective income tax rate by 2.4%. The nine months ended September 2022 included a net discrete tax expense primarily related to the revaluation of deferred tax balances due to a change in tax jurisdiction, partially offset by benefits from stock-based compensation. The net discrete tax expense for the nine months ended September 2022 increased the effective income tax rate by 0.7%. The effective tax rate without discrete items for the nine months ended September 2023 was 19.0% compared to 19.4% in the 2022 period. The decrease was primarily due to changes in our jurisdictional mix of earnings.
During the nine months ended September 2023, the amount of net unrecognized tax benefits and associated interest increased by $0.8 million to $15.8 million. Management believes that it is reasonably possible that the amount of unrecognized tax benefits may decrease by $2.5 million within the next 12 fiscal months due to expiration of statutes of limitations, which would reduce income tax expense.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|