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INCOME TAXES
 3 Months Ended
Mar. 31, 2024
INCOME TAXES  
INCOME TAXES

9.  INCOME TAXES

The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.

Income tax provision for the first quarter of 2024 reflects an effective tax rate of 24.6% compared to 22.9% for the comparable period in the prior year. The increase in the effective tax rate is primarily due to a decrease in pretax income which resulted in a more significant impact on the detrimental discrete adjustments.