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Income Taxes | 9 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes |
7. Income Taxes
We estimate our annual effective tax rate to be 24.7% for the full year 2023, which differs from the U.S. federal statutory rate due to state and foreign income taxes, nondeductible executive compensation, increases to unrecognized tax benefits, and impact of foreign operations, partially offset by federal tax credits generated. Our actual effective tax rate of 38.6% for the nine months ended September 30, 2023 was primarily due to income tax expense from normal, recurring operations, increased by discrete foreign taxes related to an intra-entity transfer of certain intellectual property, and decrease in the state tax rate applied to beginning of year deferred tax assets, partially offset by tax benefits recognized for share-based compensation for employees, net of disallowed executive compensation. In August 2023, we completed an intra-entity asset transfer of certain intellectual property between two of our wholly owned foreign subsidiaries to align our structure with the expansion of international business operations. We recorded a $186.6 million deferred tax asset, which represents the difference between the basis of the intellectual property for financial statement and tax purposes, applying the appropriate enacted statutory tax rate. Based on available evidence, management believes it is not more-likely-than-not that the additional foreign deferred tax asset will be realizable, and is therefore, fully offset by a valuation allowance. The transfer resulted in $65.2 million of net tax expense, which increased our actual effective tax rate for the nine months ended September 30, 2023.

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