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

Note 19 – Income Taxes

 

The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company’s effective income tax rate was (3.3)% and 6.3% for the three months ended September 30, 2024 and 2023, respectively, and (3.1)% and (4.5)% for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective income tax rates for the respective periods of 2024 and 2023 differed from the U.S. statutory tax rate of 21% primarily due to the mix of pre-tax earnings in the U.S. and Mexico; permanent differences and discrete events, predominantly in Mexico; and a full valuation allowance in the U.S.