INCOME TAXES

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES 

Our effective income tax rate was 21.7% for the three months ended March 31, 2025, compared to 20.3% for the three months ended March 31, 2024. The increase in our effective tax rate for the three months ended March 31, 2025, compared to the same period during the prior year, was primarily due to lower tax benefits related to share-based compensation.

The effective tax rate for the three months ended March 31, 2025, was higher than the U.S. federal statutory tax rate of 21% primarily due to U.S. state taxes, partially offset by tax benefits from share-based compensation.

Cash paid for income taxes, net of refunds, during the three months ended March 31, 2025, and 2024, was $15.6 million and $13.2 million, respectively.