Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Reconciliation between the U.S. federal statutory tax rate and effective tax rate

A reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes	1.4		1.2		1.4		1.2
Taxes on foreign earnings	(6.2)		(4.7)		(5.2)		(5.0)
Tax credits	(1.6)		(2.0)		(2.0)		(3.7)
Purchased inventory valuation step-up and intangible assets	1.6		0.3		1.5		0.3
GILTI	(0.9)		0.2		(1.6)		0.3
Other, including permanent items	1.2		0.2		0.9		0.3
Effective tax rate	16.5	%	16.2	%	16.0	%	14.4	%