Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
(7)
Income Taxes
The tax provisions for the three and nine months ended September 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 14.7% and 19.5% for the three months ended September 30, 2024 and 2023. For the quarter, the decrease in the effective tax rate is due to the release of certain allowances and other provision adjustments. The Company's effective tax rate was 17.8% and 18.5% for the nine months ended September 30, 2024 and 2023. Year-to-date, the decrease in the effective tax rate is primarily due to the release of certain allowances and other provision adjustments. In the normal course of business, the Company's tax filings are subject to audit by federal, state, and foreign tax authorities. 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. Additionally, the Company is currently under examination in certain foreign jurisdictions. We are unable to determine the impact as these examinations have not been completed. |