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Income Taxes
 6 Months Ended
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:

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For the three months ended

 

For the six months ended

 

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June 30, 

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June 30, 

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2024

    

2023

    

2024

    

2023

​

U.S. corporate income tax rate

​

21

%  

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21

%  

​

21

%  

​

21

%

Dividends received deduction

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(4)

 

​

(4)

​

​

(4)

 

​

(16)

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Tax credits

​

(4)

​

​

(4)

​

​

(3)

​

​

(12)

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Impact of equity method presentation

​

(1)

​

​

(2)

​

​

(1)

​

​

(6)

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Interest exclusion from taxable income

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(1)

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​

(1)

​

​

(1)

​

​

(5)

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Employee compensation

​

—

​

​

—

​

​

—

​

​

(3)

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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

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—

​

​

—

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​

—

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5

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Valuation allowance

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3

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1

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1

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​

1

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Foreign country statutory rate differential

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—

​

​

—

​

​

—

​

​

1

​

Effective income tax rate

​

20

%  

​

13

%  

​

17

%  

​

(8)

%

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Pillar Two Model Rules

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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.