Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
(7)
Income Taxes

The tax provisions for the three and six months ended June 30, 2024 and 2023, were computed using the estimated effective tax rates applicable to each of the domestic and international taxable jurisdictions for the full year. The Company’s provision for income tax expense and effective income tax rate are significantly impacted by the mix of the Company’s domestic and foreign earnings (loss) before income taxes. In the foreign jurisdictions in which the Company has operations, the applicable statutory rates range from 0% to 35%, which is on average significantly lower than the U.S. federal and state combined statutory rate of 25%. The Company’s effective tax rate was 19.7% and 17.7% for the three months ended June 30, 2024 and 2023. For the quarter, the increase in the effective tax rate is the result of the mix of earnings across foreign jurisdictions. The Company's effective tax rate was 19.3% and 18.1% for the six months ended June 30, 2024 and 2023. Year-to-date, the increase in the effective tax rate is primarily due to the lower impact of positive discrete items in the current year compared to the positive impacts in the prior year.

Our U.S. federal tax returns are under examination by the Internal Revenue Service for fiscal years ended December 31, 2015 through December 31, 2022. We are unable to determine the impact as this examination has not been completed.