Income Taxes (Tables)

9 Months Ended

Sep. 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 September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State taxes	2.5		(1.3)		1.7		1.6
Taxes on foreign earnings, including valuation allowances	(11.9)		2.6		(7.0)		(6.1)
Tax credits	(1.2)		24.6		(1.7)		(7.7)
Purchased inventory valuation step-up and intangible assets	3.3		(2.3)		2.0		0.7
GILTI	(1.1)		14.8		(1.4)		(1.7)
Other, including permanent items	1.3		(7.8)		0.8		1.4
Effective tax rate	13.9	%	51.6	%	15.4	%	9.2	%