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Income Taxes
9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes:The effective income tax rate for the three-month and nine-month periods ended September 30, 2021 was 22.2% and 10.2% compared to 25.2% and 19.8% for the three-month and nine-month periods ended September 30, 2020, respectively. The three- and nine-month periods ended September 30, 2021 include a tax benefit of $152.9 million related to an accrual recorded as a subsequent event for a legal arbitration ruling in October 2021. See Note 10, “Commitments and Contingencies,” for further details of this legal matter. The nine-month period ended September 30, 2021 also includes discrete tax expenses related to global intangible low-taxed income, tax expense due to an out-of-period adjustment regarding an overstated deferred tax liability recorded during the three-month period ended December 31, 2017 and foreign uncertain tax positions, partially offset by tax benefits related to the release of a foreign valuation allowance, excess tax benefits realized from stock-based compensation arrangements, and the revaluation of deferred taxes due to tax rate changes. The Company’s effective income tax rate fluctuates based on, among other factors, the amount and location of income. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month and nine-month periods ended September 30, 2021 and September 30, 2020 was impacted by a variety of factors, primarily stemming from the location in which income was earned. In addition, the nine-month period ended September 30, 2021 includes $97.5 million in tax expense recorded for the gain on the sale of the FCS business, offset by the tax benefit for the legal arbitration ruling noted above and a benefit from foreign rate differences