Note 9 - Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
Our effective tax rate for the three and nine months ended September 30, 2024 was 22.9% and 21.6% compared to the effective tax rate for the three and nine months ended September 30, 2023 of 25.0% and 25.3%, respectively. The effective tax rate for the three months ended September 30, 2024 was lower than the effective tax rate for the three months ended September 30, 2023 primarily due to nondeductible litigation accruals recorded in the prior period. The effective tax rate for the nine months ended September 30, 2024 was lower than the effective tax rate for the nine months ended September 30, 2023 primarily due to tax charges incurred in structuring the sale of our Energy business in the prior year, as well as additional tax benefits resulting from the Company's recognition of capital gains arising from the settlement of our investment in non-public companies in the second quarter. The difference between statutory tax rates and our effective tax rate is primarily due to state and local taxes, partially offset by tax benefits attributable to equity compensation.
A number of jurisdictions have begun to enact legislation to implement the Organization for Economic Co-operation and Development’s 15% global minimum tax regime with effect from January 1, 2024. These changes do not have a material impact on our condensed consolidated financial statements.
|