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Income Taxes
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended June 30, 2024 and 2023, the Company’s consolidated effective tax rates were 30.7% and 14.9%, respectively, and for the six month periods ended June 30, 2024 and 2023 were 47.0% and 39.6%, respectively. The Company’s effective tax rate for the six month period ended June 30, 2024 included the effect of an increase in non-deductible expenses as compared with the same period in 2023. For the six month period ended June 30, 2023, the Company’s effective tax rate included a net tax benefit of approximately $8.9 million related to share-based payment awards and a benefit from certain prior period tax return adjustments.