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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s effective income tax rate for the three and six months ended June 30, 2024 was 24.4 percent and 23.9 percent, respectively. The Company estimates that its annual effective income tax rate for the full year 2024 will be approximately 24 percent. The effective income tax rate for the three and six months ended June 30, 2023 was 24.8 percent and 25.3 percent, respectively. The change in the effective income tax rate for the three months ended June 30, 2024 compared to the effective income tax rate for the three months ended June 30, 2023 was primarily due to geographical earnings mix. The change in the effective income tax rate for the six months ended June 30, 2024 compared to the effective income tax rate for the six months ended June 30, 2023 was primarily due to geographical earnings mix and a $15.6 million impairment expense recorded in the prior year period with no associated tax benefit. Refer to Note 3 - Acquisition and Dispositions for additional information regarding the impairment expense. As of June 30, 2024, the Company had $17.2 million of unrecognized tax benefits of which $3.5 million would affect its effective income tax rate if recognized. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company’s U.S. federal income tax returns and its U.S. state and local income tax returns are subject to audit for the years 2017-2024 and 2007-2024, respectively. The Company is subject to examinations in foreign tax jurisdictions for the years 2018-2024.

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