Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax provision was $23 million, with an effective tax rate of 25%, for the three months ended June 30, 2024 compared to $27 million and 26% in the same period of 2023. The rate decrease was primarily driven by certain non-deductible expenses.

Income tax provision for the six months ended June 30, 2024, was $39 million compared to $35 million in 2023. The effective tax rate during 2024 was 22% compared to 20% in 2023. The increase in the rate was driven by the reduced benefit related to stock-based compensation of $3 million for the six months ended June 30, 2024, compared to $12 million for the same period of 2023, and certain non-deductible expenses.