XML 27 R16.htm IDEA: XBRL DOCUMENT v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
 
The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three and nine month periods ended September 30, 2023 and 2022, the Company’s approximate effective tax rates were as follows:

 20232022
Three months ended September 30,24.9%24.5%
Nine months ended September 30,24.4%24.2%

In the nine months ended September 30, 2023, the Company recognized approximately $2.5 million of excess tax benefits related to stock compensation for employees and $0.5 million in other discrete tax benefits. For the nine months ended September 30, 2022, the Company recognized approximately $2.5 million of excess tax benefits related to stock compensation for employees and $0.4 million in other discrete tax benefits.
 
As of September 30, 2023, the earliest year remaining open for Federal audits and/or settlement is 2019 and for state audits and/or settlement is 2018.  Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.