INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective tax rates for the three and six months ended June 30, 2025 were 20.1% and 19.4%, and for the three and six months ended June 30, 2024 were 16.1% and (16.1%), respectively.

The change in the effective rate for the three months ended June 30, 2025 to 20.1% from 16.1% for three months ended June 30, 2024 is attributable to the distribution of net income (loss) among tax jurisdictions.

The change in the effective rate for the six months ended June 30, 2025 to 19.4% from (16.1%) for the six months ended June 30, 2024 is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.