Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The effective income tax rates for the three months ended March 31, 2024 and 2023, were 19.0% and 16.3%, respectively. The increase in the effective income tax rate compared to 2023 is primarily due to the enactment of global minimum tax in 2024 and

the unfavorable change in the mix of income earned in higher tax rate jurisdictions, which are partially offset by the favorable change in share-based compensation deductions.