Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE H - Income Taxes

The effective tax rate for the second quarter of 2024 was 23.2% compared to 22.1% for the second quarter of 2023. The effective tax rate for the first six months of 2024 was 22.6% compared to 21.4% for the first six months of 2023. The higher effective tax rate in the second quarter of 2024 was primarily due to a higher mix of pre-tax income in jurisdictions with higher tax rates. Included in the first quarter of 2023 was the EC-related charge of $600.0 million, which lowered the effective tax rate.