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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes In determining its interim provision for income taxes, the Company used an estimated annual effective tax rate, which is based on expected income before taxes, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the period in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. The Company recorded provision for income taxes of $7.3 million and $7.4 million in the three months ended June 30, 2024 and 2023, respectively. The effective tax rate was 36.8% and 42.2% for the three months ended June 30, 2024 and 2023, respectively. The Company recorded provision for income taxes of $13.8 million and $13.4 million in the six months ended June 30, 2024 and 2023, respectively. The effective tax rate was 36.3% and 40.5% for the six months ended June 30, 2024 and 2023, respectively. The difference between the effective tax rate and the 21% federal statutory rate in the six months ended June 30, 2024 was primarily due to Global Intangible Low-Taxed Income ("GILTI") inclusion, nondeductible compensation of officers, and tax benefits of income tax holidays in foreign jurisdiction. The difference between the effective tax rate and the 21% federal statutory rate in the six months ended June 30, 2023 was primarily due to nondeductible earn-out consideration, as well as Global Intangible Low-Taxed Income ("GILTI") inclusion, Base Erosion Anti-avoidance Tax ("BEAT") and nondeductible compensation of officers.

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