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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The below discussion of the effective tax rate for the periods presented in the consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate. Our effective tax rate was 20.7% in the third quarter of 2024. During the third quarter of 2024, our effective tax rate was favorably impacted by a decrease of reserves for uncertain tax positions, partially offset by the mix of income in higher tax rate jurisdictions. During the third quarter of 2023, our effective tax rate was 27.3%. During the third quarter of 2023, our effective tax rate was unfavorably impacted primarily by the mix of income in higher tax rate jurisdictions. For the first nine months of 2024, the Company’s effective tax rate on its income before taxes was 28.1%. The effective tax rate for the first nine months of 2024 was unfavorably impacted primarily by (i) the write-off of deferred tax assets related to stock compensation and, (ii) the mix of income in higher tax rate jurisdictions, partially offset by (iii) a decrease of reserves for uncertain tax positions. During the first nine months of 2023, the Company’s effective tax rate on its income before taxes was 30.0%. The effective tax rate for the first nine months of 2023 was unfavorably impacted by (i) the increase in the valuation allowance attributable to loss jurisdictions in which no benefit is anticipated to be realized and (ii) the mix of income in higher tax rate jurisdictions. The OECD Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15%. Based on current enacted legislation effective in 2024 and our structure, we do not expect a material impact in 2024. We are monitoring developments and evaluating the impacts these new rules will have on our future effective income tax rate, tax payments, financial condition, and results of operations.

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