Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES 

Our effective income tax rate was 21.6% for the three months ended June 30, 2023, as compared to 22.9% for the three months ended June 30, 2022, and 20.8% for the six months ended June 30, 2023, as compared to 21.0% for the six months ended June 30, 2022. The decrease in our effective tax rate for the three and six months ended June 30, 2023, as compared to the same period in the prior year, was primarily driven by geographical income mix, partially offset by a decrease in the tax rate benefits related to share-based compensation.

The effective tax rate for the three and six months ended June 30, 2023, differed from the U.S. federal statutory tax rate of 21% primarily due to U.S. state income taxes, net of federal benefit, partially offset by taxes benefits from share-based compensation.