v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Reconciliation between the U.S. federal statutory tax rate and effective tax rate
A reconciliation between the U.S. federal statutory tax rate and our effective tax rate is summarized as follows:
For the Three Months Ended June 30,For the Six Months Ended June 30,
 2025202420252024
Statutory rate21.0 %21.0 %21.0 %21.0 %
State taxes1.5 1.4 1.7 1.4 
Taxes on foreign earnings, including valuation allowances(7.7)(6.2)(8.4)(5.2)
Tax credits(1.8)(1.6)(1.8)(2.0)
Purchased inventory valuation step-up and intangible assets2.1 1.6 2.3 1.5 
GILTI(1.9)(0.9)(1.0)(1.6)
Share-based compensation awards0.1 — 1.7 0.3 
Other, including permanent items1.4 1.2 1.5 0.6 
Effective tax rate14.7 %16.5 %17.0 %16.0 %