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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 4 - Income Taxes The provision for income taxes consisted of the following:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Current portion of income tax expense: |  |  |  |  |  |  |
Federal | $ | (10,201) |  |  | $ | (3,923) |  |  | $ | (23,675) |  | $ | (6,732)
State | (1,311) |  |  | (1,173) |  |  | (2,589) |  | (1,716)
Deferred portion of income tax (expense) benefit | (45,615) |  |  | 51,075 |  |  | (116,522) |  | (43,171)
Income tax (expense) benefit | $ | (57,127) |  |  | $ | 45,979 |  |  | $ | (142,786) |  | $ | (51,619)
Effective tax rate | 19.2 | % |  | (26.1) | % |  | 19.7 | % |  | 8.3 | %
Income tax expense or benefit differs from the amount that would be calculated by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of federal tax credits, state income taxes, excess tax benefits and deficiencies from stock-based compensation awards, tax deduction limitations on compensation of covered individuals, changes in valuation allowances, the cumulative effect of other smaller permanent differences, and can also reflect the cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balances. The quarterly effective tax rate and the resulting income tax expense or benefit can also be affected by the proportional effects of forecast net income or loss and the correlative effect on the valuation allowance for each of the periods presented in the table above. The Company completed a multi-year research and development (“R&D”) credit study in 2023, which resulted in a favorable adjustment to the Company’s effective tax rate for the three and nine months ended September 30, 2023. The effective tax rates for the three and nine months ended September 30, 2024, reflect the benefit of current R&D credits claimed. The Company expects favorable adjustments to the Company’s effective tax rate to continue in the fourth quarter of 2024 resulting from qualifying R&D activity and anticipated credit claims. The Company complies with authoritative accounting guidance regarding uncertain tax positions. The entire amount of unrecognized tax benefit reported by the Company would affect its effective tax rate if recognized. The Company does not expect a significant change to the recorded unrecognized tax benefits in 2024, except for any potential changes related to the Company’s 2024 R&D credit claims. For all years before 2020, the Company is generally no longer subject to United States federal or state income tax examinations by tax authorities.

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