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Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 7 — Income Taxes

 

The Company’s income tax expense of $12.4 million for the three months ended September 30, 2023, reflects an effective tax rate of 20.5%. The Company’s income tax expense of $11.6 million for the three months ended September 30, 2022, reflects an effective tax rate of 27.4%. The tax expense for the three months ended September 30, 2023 primarily relates to U.S. and foreign income taxes and discrete items. The tax expense for the three months ended September 30, 2022 primarily relates to U.S. and foreign income taxes and discrete items.

 

The Company’s income tax expense of $12.5 million for the nine months ended September 30, 2023 reflects an effective tax rate of 20.3%. The Company’s income tax expense of $13.3 million for the nine months ended September 30, 2022 reflects an effective tax rate of 20.1%. The majority of the tax expense for the nine months ended September 30, 2023 primarily relates to U.S. and foreign income taxes offset by discrete items. The majority of the tax expense for the nine months ended September 30, 2022 relates to U.S. and foreign income taxes and discrete items.