Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Statutory rate	21.0	%	21.0	%
State taxes	1.9		1.5
Taxes on foreign earnings, including valuation allowances	(9.9)		(3.7)
Tax credits	(1.9)		(2.5)
Purchased inventory valuation step-up and intangible assets	2.7		1.3
GILTI	1.3		(2.7)
Share-based compensation awards	5.5		0.7
Other, including permanent items	2.1		(0.2)
Effective tax rate	22.7	%	15.4	%