INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company's quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, which includes the impact of foreign withholding tax accruals and uncertain tax positions, adjusted for discrete items, within the periods presented. The comparison of the Company's income tax provision between periods can be significantly impacted by the level and mix of earnings and losses by tax jurisdiction and discrete items.

For the three months ended March 31, 2024, the Company recognized income tax expense of $13.5 million resulting in an effective tax rate of 19%, as compared to $16.9 million and an effective tax rate of 28% in the same period for 2023. Income tax expense for the three months ended March 31, 2024 includes a continued U.S. benefit related to claiming foreign tax credits consistent with our election in the fourth quarter of 2023, a benefit from a U.S. tax deduction related to Foreign Derived Intangible Income ("FDII”), the negative impact of U.S. global intangible low-taxed income (“GILTI”), the impact of changes to the level and mix of earnings and a benefit from the ability to utilize prior period losses in the United Kingdom based on improved profitability in the current year.