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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 8. Income Taxes The Company’s income tax expense and balance sheet accounts reflect the results of the Company and its subsidiaries. For the three and six months ended June 30, 2024, the Company estimated the annual effective tax rate based on projected income for the full year and recorded a quarterly tax provision in accordance with the annual effective tax rate and adjusted for discrete tax items in the period. The effective income tax rate for the three and six months ended June 30, 2024 was 27.0% and 40.0%, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2024 was higher than the U.S. federal statutory rate of 21% primarily due to nondeductible share-based compensation and U.S. state income taxes. The effective income tax rate for the three and six months ended June 30, 2023 was 28.9% and 28.4%, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2023 was higher than the U.S. federal statutory rate of 21% due to the Global Intangible Low-Taxed Income (“GILTI”) inclusion, nondeductible share-based compensation, and U.S. state income taxes.

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