Income Tax Provision

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Provision

Income Tax Provision

We had an effective income tax rate of 18.7% for the three months ended March 31, 2024, compared to 19.9% for the three months ended March 31, 2023. The decrease in the effective tax rate for the three months ended March 31, 2024, as compared to the prior period, is due to the increase in research tax credits and excess tax benefits related to stock incentive awards in the current year, offset by liabilities for uncertain tax positions, an increase in state income taxes, and an increase in non-deductible business expenses.

The effective income tax rates for the periods presented are different from the statutory United States federal income tax rate of 21% primarily due to research tax credits and excess tax benefits related to stock incentive awards, offset by state income taxes, liabilities for uncertain tax positions, and non-deductible business expenses.

We received income tax refunds, net of taxes paid of $680,000 and $548,000 in the three months ended March 31, 2024, and 2023, respectively.