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Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 – Income Taxes

For the three-month period ended September 30, 2023 and 2022, the Company’s effective tax rate was 23% and 33%, respectively. The effective tax rate for the three months ended September 30, 2023 was lower than the effective tax rate for the same period in 2022 mainly due to the favorable impact from the mix of taxable income in certain foreign jurisdictions, which in the third quarter of 2022 included a non-deductible goodwill impairment charge of $6.5 million in the Asia-Pacific region that was partially offset by the release of the valuation allowance on deferred tax assets for the Company’s Australian subsidiary of approximately $1.4 million, as well as the favorable impact in the third quarter of 2023 related to the excess tax benefit associated with stock compensation activity.

For the nine months ended September 30, 2023 and 2022, the Company’s effective tax rate was 24% and 23%, respectively. This change is not significant and was primarily due to the limitation on the deductibility of executive compensation partially offset by the favorable impact related to the excess tax benefit associated with stock compensation activity.

The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. During the period ended September 30, 2023, the Company did not record any additional valuation allowances on their deferred tax assets.

For the nine-month periods ending September 30, 2023, the Company did not record any new uncertain tax positions.