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Income tax provision | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income tax provision |
NOTE 10: INCOME TAX PROVISION
Our effective income tax rate was 33.6% for the quarter ended September 30, 2024 and 33.7% for the nine months ended September 30, 2024, compared to an effective income tax rate of 34.1% for the year ended December 31, 2023. While there was a larger tax rate benefit from business exit activity in 2023 than in 2024, the 2024 tax rate benefited from lower tax impacts for share-based compensation, foreign operations and tax return to provision adjustments. For comparison, the reconciliation of our effective income tax rate for 2023 to the U.S. federal statutory tax rate can be found under the caption "Note 10: Income Tax Provision" in the Notes to Consolidated Financial Statements appearing in the 2023 Form 10-K. Our effective income tax rate for the quarter ended September 30, 2023 was 13.0%. This tax rate was driven by the pretax loss for the period, the impact of discrete items related to our business exit activity, and an increase in our state effective income tax rate during the quarter. Our effective income tax rate for the nine months ended September 30, 2023 was 45.0%. This tax rate was driven by the lower pretax income for the period, combined with tax expense related to share-based compensation and our foreign operations, including the repatriation of foreign earnings.

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