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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income taxes
The Company estimates its annual effective tax rate each fiscal quarter and applies that estimated rate to its interim pre-tax earnings. In this regard, the Company reflects the full year’s estimated tax impact of certain unusual or infrequently occurring items and the effects of changes in tax laws or rates in the interim period in which they occur. The Company's parent, the Trust, is subject to entity-level U.S. federal, state and local corporate income taxes on the Company's earnings that flow through to the Trust.
The computation of the annual estimated effective tax rate for each interim period requires certain assumptions, estimates, and significant judgment, including with respect to the projected operating income for the year, projections of income earned and taxes incurred in various jurisdictions, permanent and temporary differences and the likelihood of recovering deferred tax assets. The accounting estimates used to compute the provision for income taxes may change as new events occur, as additional information is obtained, as our tax structure changes or as the tax laws change. Certain foreign operations are subject to foreign income taxation under existing provisions of the laws of those jurisdictions.
The reconciliation between the Federal Statutory Rate and the effective income tax rate for the six months ended June 30, 2023 and 2022 is as follows:
Six months ended June 30,
20232022
United States Federal Statutory Rate21.0 %21.0 %
State income taxes (net of Federal benefits) 1.6 5.2 
Foreign income taxes4.6 3.0 
Impact of subsidiary employee stock options(1.8)0.9 
Utilization of tax credits(2.9)(4.4)
Non-recognition of various carryforwards at subsidiaries13.1 (0.1)
United States tax on foreign income(1.3)— 
Other1.2 0.8 
Effective income tax rate35.5 %26.4 %