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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Taxes |
Income Taxes | 11. Income Taxes Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the U.S. corporate income tax rate and the effective income tax rate was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended |  | For the six months ended |
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 | ​
U.S. corporate income tax rate | ​ | 21 | % | ​ | 21 | % | ​ | 21 | % | ​ | 21 | %
Dividends received deduction | ​ | (4) |  | ​ | (4) | ​ | ​ | (4) |  | ​ | (16) | ​
Tax credits | ​ | (4) | ​ | ​ | (4) | ​ | ​ | (3) | ​ | ​ | (12) | ​
Impact of equity method presentation | ​ | (1) | ​ | ​ | (2) | ​ | ​ | (1) | ​ | ​ | (6) | ​
Interest exclusion from taxable income | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (5) | ​
Employee compensation | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3) | ​
Local country permanent tax adjustments | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​
Foreign currency inflation | ​ | — | ​ | ​ | (1) | ​ | ​ | — | ​ | ​ | (2) | ​
State income taxes | ​ | 4 | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | 2 | ​
Low income housing tax credit amortization | ​ | 2 | ​ | ​ | 2 | ​ | ​ | 2 | ​ | ​ | 8 | ​
Global Intangible Low-Taxed Income | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​
Valuation allowance | ​ | 3 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 1 | ​
Foreign country statutory rate differential | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​
Effective income tax rate | ​ | 20 | % | ​ | 13 | % | ​ | 17 | % | ​ | (8) | %
​ Pillar Two Model Rules ​ We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development, which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its deferred tax assets (“DTAs”), including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred.

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