XML 28 R17.htm IDEA: XBRL DOCUMENT v3.23.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES
The effective tax rate for the three months ended March 31, 2023 and 2022 was 18.3% and 17.2%, respectively. For the three months ended March 31, 2023 and 2022, the effective tax rate reflects discrete income tax benefits of $21.2 million and $5.8 million, respectively, resulting from the exercise and vesting of stock-based awards. For the three months ended March 31, 2022, the effective tax rate also reflects a discrete income tax benefit of $13.4 million resulting from a reduction to the valuation allowance recorded against foreign tax credit carryforwards. These discrete income tax benefits reduced the estimated annual effective tax rate in such periods by approximately 8.8 and 8.7 percentage points, respectively. The estimated annual effective tax rate differs from the federal statutory income tax rate due primarily to state income taxes and nondeductible expenses.
There have been no material adjustments to liabilities for uncertain tax positions since December 31, 2022.