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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 6. Income Taxes For the three months ended September 30, 2024 and 2023, we recorded $80.5 million and $61.3 million of income tax expense and had an effective tax rate of 25.3% and 25.1%, respectively. The increase in our effective tax rate for the three months ended September 30, 2024 compared to the same period in 2023 was primarily due to higher nondeductible employee remuneration paid to covered employees. For the nine months ended September 30, 2024 and 2023, we recorded $188.8 million and $189.6 million of income tax expense and had an effective tax rate of 24.4% and 24.8%, respectively. The decrease in our effective tax rate for the nine months ended September 30, 2024 compared to the same period in 2023 was primarily due to higher excess tax benefits associated with employee restricted stock and performance unit vests. Our current effective tax rate is higher than the federal statutory income tax rate of 21.0% due primarily to the effect of state and local income taxes. During the nine months ended September 30, 2024 and 2023, cash paid for taxes, net of refunds received, was $187.3 million and $153.2 million, respectively. The increase in cash tax payments between the periods is primarily due to higher 2024 forecasted taxable income. During the three and nine months ended September 30, 2024 and 2023, there were no significant changes to our uncertain tax positions. For more information, see Note 7, Income Taxes, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of our 2023 Annual Report on Form 10-K.

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