XML 24 R12.htm IDEA: XBRL DOCUMENT v3.23.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2023
INCOME TAXES  
INCOME TAXES

NOTE 4.    INCOME TAXES

The following table summarizes tax expense and the effective tax rate for our income from continuing operations:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 

​

​

    

2023

    

2022

    

Income from continuing operations, before income taxes

​

$

39,488

​

$

43,815

​

Provision for income taxes

​

$

7,736

​

$

6,953

​

Effective tax rate

​

​

19.6

%  

​

15.9

%  

​

Our effective tax rates differ from the U.S. federal statutory rate of 21% for the three months ended March 31, 2023 and 2022, respectively, primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations. The effective tax rate for the three months ended March 31, 2023 was higher than the same period in 2022 primarily due to the impact of decreased earnings in 2023 and an unfavorable mix of earnings by geography, partially mitigated by reduced U.S. tax on foreign operations.