INCOME TAXES |
3 Months Ended |
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Mar. 31, 2025 | |
| INCOME TAXES | |
| INCOME TAXES |
6. INCOME TAXES The Company’s effective income tax rate for the three months ended March 31, 2025 and 2024 was (2.2%) and (3.8%), respectively. The change in the effective income tax rate was primarily due to the Company’s projections for pre-tax book income in 2025 and changes in valuation allowances. The Company’s income tax provision or benefit for interim periods has been determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company continues to assess the realizability of deferred tax assets (“DTAs”) and concluded that it has not met the “more likely than not” threshold. At March 31, 2025, the Company continues to provide a valuation allowance against its DTAs that cannot be offset by existing deferred tax liabilities. In accordance with Accounting Standards Codification 740 (“ASC 740”), this assessment has taken into consideration the jurisdictions in which these DTAs reside. The valuation allowance against DTAs has no effect on the actual taxes paid or owed by the Company. |
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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