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Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 8. Income Taxes

The Company’s income tax expense and balance sheet accounts reflect the results of the Company and its subsidiaries.

For the three months ended March 31, 2022, the Company estimated the annual effective tax rate based on projected income for the full year and recorded a quarterly tax provision in accordance with the annual effective tax rate and adjusted for discrete tax items in the period.

The effective income tax rate for the three months ended March 31, 2022 was 27.5%. The Company’s effective income tax rate for the three months ended March 31, 2022 was higher than the U.S. federal statutory rate of 21%, primarily due to Global Intangible Low-Taxed Income (“GILTI”) inclusion, nondeductible share-based compensation, and state income taxes.

The Company’s effective income tax rate for the three months ended March 31, 2021 was 18.6%. The Company’s effective income tax rate for the three months ended March 31, 2021 was lower than the U.S. federal statutory rate of 21% primarily due to the book loss recognized for the period, offset by income taxes from various foreign jurisdictions and U.S. states which reduced the overall tax benefit.