Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 18 — Income Taxes

The effective income tax rates for the three and six months ended June 30, 2024 and 2023 are as follows:

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,			June 30,
	2024			2023			2024			2023
Effective tax rate		17.2	%		19.8	%		17.8	%		19.5	%

Our effective income tax rate was 17.2% and 19.8% in the second quarters of 2024 and 2023, respectively. The decrease in the effective income tax rate is primarily attributable to a mix of earnings taxed at lower rates. The second quarter 2024 effective income tax rate was lower than the U.S. statutory federal tax rate for the same reason as noted above. The second quarter 2023 effective income tax rate was lower than the U.S. statutory federal tax rate primarily due to tax benefits from amended U.S. federal income tax returns.

Our effective income tax rate was 17.8% and 19.5% in the six months ended June 30, 2024 and 2023, respectively. The decrease in the effective income tax rate is primarily attributable to a mix of earnings taxed at lower rates. The effective income tax rate in the first six months of 2024 was lower than the U.S. statutory federal tax rate for the same reason as noted above. The effective income tax rate in the first six months of 2023 was lower than the U.S. statutory federal tax rate primarily due to tax benefits recorded upon vesting of restricted stock units and tax benefits from amended U.S. federal income tax returns.