INCOME TAX

6 Months Ended

Jun. 30, 2025

INCOME TAX [Abstract]

INCOME TAX

3. INCOME TAX

Our effective income tax rate for the three months ended June 30, 2025 and June 30, 2024 was (10.8%) and 25.2% respectively and are primarily due to the recognition of tax benefits on the sales of our corporate property, partially offset by forecasted income taxes loss projected due to our 2025 operation and certain foreign and state jurisdictions obligation in which we operate. Our effective tax rate for the six months ended June 30, 2025 and 2024 was 32.7% and 27.0%, respectively. Our effective tax rate differs from the federal statutory rate primarily due to U.S. state income tax expense, expenses that are nondeductible for tax purposes, the change in our valuation allowance associated with our deferred tax assets, and differences in tax rates in foreign jurisdictions.