Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 13. Income Taxes
At the end of each quarter, the Company makes an estimate of its annual effective income tax rate. The estimate used in the year-to-date period may change in subsequent periods. The effective income tax rate for the three months ended June 30, 2024 was 22.9% compared to 41.2% for the three months ended June 30, 2023. The decrease in the effective tax rate was driven by a decrease in the Company's valuation allowance against its deferred tax asset for disallowed interest carryforward due to the repayment and refinancing of the Company's debt during the second quarter of 2024. The effective income tax rate for the six months ended June 30, 2024 was 26.9% compared to 354.2% for the six months ended June 30, 2023. The decrease in the effective tax rate was primarily due to the establishment of a valuation allowance against the Company's deferred tax asset for its disallowed interest carryforward during the first quarter of 2023. The Company's effective income tax rate for the six months ended June 30, 2024 differs from the U.S. federal statutory tax rate of 21% primarily due to the Company's valuation allowance and nondeductible expenses. |