Income Taxes |
6 Months Ended |
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Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company files U.S. federal and state, and foreign income tax returns in jurisdictions with varying statutes of limitations. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations for years prior to 2020 and state and local income tax examinations prior to 2016. In significant foreign jurisdictions, years prior to 2015 are generally no longer subject to income tax examinations by their respective tax authorities. The Company’s effective tax rate was 27.4% and 29.1% for the three months ended June 30, 2024 and 2023; and 27.9% and 27.6% for the six months ended June 30, 2024 and 2023. The effective tax rate for the three months ended June 30, 2024 was primarily impacted by an increase in foreign taxes and an increase in unrecognized tax benefits. The effective tax rate for the six months ended June 30, 2024 was primarily impacted by the portion of stock-based compensation expense that is not deductible for tax purposes. The effective tax rate for the three months ended June 30, 2023 was primarily impacted by an increase in state taxes due to state legislative changes and an increase to the valuation allowance on foreign tax credits. The effective tax rate for the six months ended June 30, 2023 was primarily impacted by an increase to the valuation allowance on foreign tax credits and the portion of stock-based compensation expense that is not deductible for tax purposes, partially offset by a decrease in unrecognized tax benefits. The Company made income tax payments, net of tax refunds, of $47 million and $80 million during the six months ended June 30, 2024 and 2023.
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