Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

We recorded a provision for income tax expense of $8.6 million and $6.3 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s effective income tax rate for the three months ended March 31, 2024 was 19.0% compared to 15.3% for the same period in 2023. The income tax expense for the three months ended March 31, 2024 and 2023 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective tax rate for the three months ended March 31, 2024 was lower than the expense computed at the U.S. federal statutory income tax rate due primarily to foreign-derived intangible income tax deduction and R&D credit, partially offset by non-deductible expenses and state income taxes.