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INCOME TAXES
 3 Months Ended
Mar. 31, 2024
INCOME TAXES  
INCOME TAXES

NOTE 11 — INCOME TAXES

The Company recognized $35,115 of tax expense on pretax income of $158,530, resulting in an effective income tax rate of 22.2% for the three months ended March 31, 2024. The effective income tax rate was 21.5% for the three months ended March 31, 2023.

The effective tax rate was higher for the three months ended March 31, 2024, as compared with the same period in 2023, primarily due to mix of earnings and discrete tax items.

As of March 31, 2024, the Company had $12,855 of unrecognized tax benefits. If recognized, approximately $10,304 would be reflected as a component of income tax expense.

The Company files income tax returns in the U.S. and various state, local and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2019. The Company is currently subject to U.S., various state and non-U.S. income tax audits.

Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and closing of statutes of limitations. Based on information currently available, management believes that additional audit activity could be completed and/or statutes of limitations may close relating to existing unrecognized tax benefits. It is reasonably possible there could be a reduction of $1,864 in previously unrecognized tax benefits by the end of the first quarter 2025.