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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10 — Income Taxes

Forrester provides for income taxes on an interim basis according to management’s estimate of the effective tax rate expected to be applicable for the full fiscal year. Certain items such as changes in tax rates, tax benefits or expense related to settlements of share-based awards, tax effects of foreign currency gains or losses, and the tax effect from the divestment of operations are treated as discrete items and are recorded in the period in which they arise.

Income tax expense for the nine months ended September 30, 2024 was $7.9 million resulting in an effective tax rate of 460.9% for the period. Income tax expense for the nine months ended September 30, 2023 was $3.8 million resulting in an effective tax rate of 50.8% for the period.

The increase in the effective tax rate during the 2024 period was primarily due to increased tax expense from the sale of the FeedbackNow product line of $3.5 million, settlement of shared-based awards of $1.7 million, foreign withholding taxes due to the dissolution of a foreign subsidiary of $0.3 million, and a valuation allowance recorded against non-realizable state NOL carryforwards due to the dissolution of a domestic subsidiary of $0.5 million.