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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 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 nine months ended September 30, 2024 and 2023 is as follows:
| Nine months ended September 30,
| 2024 |  | 2023
United States Federal Statutory Rate | 21.0 | % |  | 21.0 | %
State income taxes (net of Federal benefits) | 6.9 |  |  | 18.9 |
Foreign income taxes | 7.4 |  |  | 16.8 |
Impact of subsidiary employee stock options | 0.4 |  |  | 0.8 |
Non-deductible acquisition costs | 1.0 |  |  | — |
Utilization of tax credits | (7.0) |  |  | (35.3) |
Non-recognition of various carryforwards at subsidiaries | 44.2 |  |  | 75.2 |
United States tax on foreign income | (2.5) |  |  | (4.5) |
Impairment expense | 2.3 |  |  | 24.3 |
Tax effect - loss on sale of Crosman | (8.4) |  |  | — |
Other | 1.7 |  |  | 1.0 |
Effective income tax rate | 67.0 | % |  | 118.2 | %

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