Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

11.Income Taxes (As Restated)

For the three and six months ended June 30, 2023, the Company recorded an income tax provision of $5.1 million and $8.3 million, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2023 was 20.6% and 19.2%, respectively, compared to 16.6% and 18.4% for the corresponding periods in the prior year. The difference in effective tax rates between the periods was primarily due to lower income before taxes and increased benefits from business tax credits partially offset by nondeductible contingent consideration and lower foreign-derived intangible income.

On August 16, 2022, the United States enacted the Inflation Reduction Act of 2022 ("Inflation Reduction Act"), which, among other things, implements a 15% alternative minimum tax on global adjusted financial statement income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy and was effective beginning in 2023. We evaluated the provisions of the Inflation Reduction Act and no provision had a material effect on our consolidated financial position or results of operations.