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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 9 – Income Taxes

For the three-month period ended June 30, 2024 and 2023, the Company’s effective tax rate was 16% and 26%, respectively. The lower effective tax rate for the three months ended June 30, 2024 compared to the three months ended June 30, 2023 was primarily due to the favorable impact from the mix of earned income in certain foreign jurisdictions as well as discrete benefits recorded as a result of amending prior year federal tax returns.

For the six-month period ended June 30, 2024 and 2023, the Company’s effective tax rate was 18% and 25%, respectively. The lower effective tax rate for the six months ended June 30, 2024 compared to the six months ended June 30, 2023 was primarily due to the favorable impact from the mix of earnings in certain foreign jurisdictions, discrete benefits recorded as a result of amending prior year federal tax returns and an increase in excess tax benefits on share-based compensation in relation to overall lower pre-tax book income.

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 June 30, 2024, the Company did not record any additional valuation allowances in various jurisdictions on its deferred tax assets.

For the six-month periods ending June 30, 2024 and 2023, the Company did not record any new uncertain tax positions.