Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 14 - Income Taxes The Company’s provision for income taxes for the three months ended March 31, 2024 and March 31, 2023 was based on our projected annual effective tax rate for fiscal year 2024 and 2023, adjusted for specific items that are required to be recognized in the period in which they occur. The effective tax rate, inclusive of items specific to the period, for the three months ended March 31, 2024 and 2023 was 48.8% and 34.8% respectively. The Company recorded income tax expense of $14.4 million and $23.7 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s projected 2024 annual effective tax rate differed from the U.S. federal statutory rate of 21.0% due to U.S. state taxes, foreign taxes and non-deductible equity compensation expense, offset by research and development credits. Further, the Company’s annual effective tax rate included period specific costs associated with non-deductible executive compensation and shortfalls in tax-deductible equity compensation compared to amounts recognized in our financial accounts. The gross liabilities for unrecognized tax benefits, which is reflected as a reduction of deferred tax assets, were $12.9 million and $12.6 million as of March 31, 2024 and December 31, 2023, respectively. No interest or penalties are accrued with respect to the unrecognized tax benefits. If the unrecognized tax benefits as of March 31, 2024 were recognized, the entire balance would impact the effective tax rate. It is not anticipated any of the unrecognized tax benefit will be recognized within the next twelve months.
|