Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate was 4.1% and 3.1% for the three and six months ended June 30, 2023, respectively, and 11.1% and 12.8% for the three and six months ended June 30, 2022, respectively. The difference in effective tax rate between the periods was primarily attributable to mix of earnings and the occurrence in 2023 of certain non-deductible expenditures.

The effective income tax rate differs from the U.S. statutory rate of 21% due primarily to U.S. federal permanent differences and the impact of valuation allowances.