Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 18 — Income Taxes

The effective income tax rates for the three and six months ended June 30, 2023 and 2022 are as follows:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2023			2022			2023			2022
Effective tax rate		19.8	%		25.6	%		19.5	%		23.0	%

Our effective income tax rate was 19.8% and 25.6% in the second quarters of 2023 and 2022, respectively. The decrease in the effective income tax rate is primarily attributed to tax benefits from amended U.S. federal income tax returns. The second quarter 2023 effective income tax rate was lower than the U.S. statutory federal tax rate primarily due to the same reason as noted above. The second quarter 2022 effective income tax rate was higher than the U.S. statutory federal tax rate primarily due to the impact of foreign withholding taxes and state taxes.

Our effective income tax rate was 19.5% and 23.0% in the six months ended June 30, 2023 and 2022, respectively. The decrease is primarily attributed to tax benefits recorded upon vesting of restricted stock and tax benefits from amended U.S. federal income tax returns. The tax rate in the first six months of 2023 was lower than the U.S. statutory federal tax rate primarily for the same reason as noted above. The tax rate in the first six months of 2022 was higher than the U.S. statutory federal tax rate primarily due to the impact of foreign withholding taxes and state taxes.