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Note 7 - Income Taxes
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

7. Income Taxes

 

Our effective income tax rate was 26.8% for the three months ended June 30, 2024, compared to 26.0% for the three months ended June 30, 2023. Our effective income tax rate was 27.7% for the first six months of 2024, compared to 25.3% in 2023. In determining our quarterly provision for income taxes, we use an estimated annual effective tax rate, adjusted for discrete items. This rate is based on our expected annual income, statutory tax rates, best estimate of nontaxable and nondeductible items of income and expense, and the ultimate outcome of tax audits.

 

At June 30, 2024, we had a total of $81.8 million in gross unrecognized tax benefits, which are a component of other long-term liabilities on our Condensed Consolidated Balance Sheets. Of this amount, $66.3 million represents the amount of unrecognized tax benefits that, if recognized, would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $12.6 million at June 30, 2024.