XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
During the three months ended June 30, 2022, the Company recognized income tax expense of $15.1 million on income of $89.2 million, an effective tax rate of 16.9%, as compared to income tax expense of $14.4 million on income of $86.7 million, an effective tax rate of 16.6%, for the three months ended June 30, 2021. The higher effective tax rate for the three months ended June 30, 2022 when compared with the three months ended June 30, 2021 is primarily due to lower favorable discrete benefit in the current quarter largely offset by reduced tax on the geographic distribution of income.

During the six months ended June 30, 2022, the Company recognized income tax expense of $27.0 million on income of $153.4 million, an effective tax rate of 17.6%, as compared to income tax expense of $22.1 million on income of $134.1 million, an effective tax rate of 16.5%, for the six months ended June 30, 2021. The higher effective tax rate for the six months ended June 30, 2022 when compared with the six months ended June 30, 2021 is primarily due to lower favorable discrete benefit in the current year period partially offset by reduced U.S. tax on foreign income.