XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.2
Income Taxes
6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax Disclosure 11. INCOME TAXESThe Company’s income tax expense for the three and six months ended June 30, 2023 was $23.1 million and $42.2 million, respectively, compared to $30.3 million and $48.7 million in the prior year periods. The effective tax rate was 22.2% and 22.0% for the three and six months ended June 30, 2023, respectively, compared to 21.9% and 22.1% in the comparable prior year periods. The change in the effective tax rate for the three and six months ended June 30, 2023 relates primarily to the benefit from the 45L Energy Efficient Home Credit enacted by Congress in August 2022 as part of the Inflation Reduction Act of 2022 (“the 2022 Act”). The 2022 Act extends and modifies the energy efficient home credit that Congress had enacted through the Taxpayer Certainty and Disaster Tax Relief Acts of 2019 and 2020. This tax credit had expired at the end of 2021, but following its enactment in August 2022, the 2022 Act extended the tax credit through 2032.