|9 Months Ended|
Sep. 30, 2023
|Income Tax Disclosure [Abstract]|
|Income Taxes||Income Taxes
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal examinations for years before 2019 or state examinations for years before 2018. During the three and nine months ended September 30, 2023 and 2022, the Company did not identify nor reserve for any unrecognized tax benefits.
Our income tax provision (benefit) and overall effective tax rates for continuing operations for the periods presented are as follows:
The effective tax rate for continuing operations was 7.0% and 11.2% for the three and nine months ended September 30, 2023. The September 30, 2023 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to the effects of permanent goodwill impairment reducing the tax benefit in the period.The effective tax rate was 22.1% and 14.6% for the three and nine months ended September 30, 2022. The three months ended September 30, 2022, effective tax rate was higher than the U.S. statutory rate 21.0% primarily due to lower quarter to date pretax earnings relative to permanent differences.The nine months ended September 30, 2022 effective tax rate was lower than the U.S. statutory tax rate of 21.0% primarily due to the year-to-date release of federal valuation allowances.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef