Income Taxes |
6 Months Ended |
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Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes For the three and six months ended June 30, 2024, the Company recorded income tax expense of $2.3 million and income tax expense of $12.2 million, respectively. For the three and six months ended June 30, 2023, the Company recorded income tax expense of $5.9 million and $1.9 million, respectively. The effective tax rate was approximately 25.8% and 24.8% for the three and six months ended June 30, 2024, compared to 25.0% and 26.5% for the three and six months ended June 30, 2023. The difference between the Company’s effective tax rates for the three and six months ended June 30, 2024, and 2023 and the U.S. statutory tax rate of 21% was primarily due to state income taxes. In August 2022, the U.S. Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022 were signed into law. These acts include, among other provisions, a corporate alternative minimum tax of 15%, an excise tax on the repurchase of corporate stock, various climate and energy provisions and incentives for investment in semiconductor manufacturing. These provisions are not expected to have a material impact on the Company’s results of operations or financial position. The Company did not have any uncertain tax benefits as of June 30, 2024, and December 31, 2023. For the three and six months ended June 30, 2024 and 2023, the Company had no accrued interest or penalties related to uncertain tax positions, and no amounts were recognized in the condensed consolidated statements of operations.
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