INCOME TAXES

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES 

Our effective income tax rates were 18.9% and 20.2% for the three and six months ended June 30, 2025, respectively, compared to 21.5% and 20.9% for the three and six months ended June 30, 2024, respectively. The decrease in our effective tax rate for the three months ended June 30, 2025, compared to the same period during the prior year, was primarily due to an increase in tax benefits related to share-based compensation and the resolution of international tax audits. The decrease in our effective tax rate for the six months ended June 30, 2025, compared to the same period during the prior year, was primarily driven by the resolution of international tax audits.

The effective tax rates for the three and six months ended June 30, 2025, were lower than the U.S. federal statutory tax rate of 21% primarily due to tax benefits from share-based compensation and the resolution of international tax audits, partially offset by U.S. state taxes.

Cash paid for income taxes, net of refunds, during the six months ended June 30, 2025, and 2024, were $137.4 million and $90.9 million, respectively.