XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.22.2

Income Tax Matters | 6 Months Ended
--- | ---
Jun. 30, 2022
Income Tax Disclosure [Abstract] |
Income Tax Matters | 9. Income Tax Matters The income tax benefit (provision) consisted of the following (in millions of dollars):
|  | Quarter Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 4.8 |  |  | $ | 16.7 |  |  | $ | 2.0 |  |  | $ | 17.3 |
Foreign |  |  | (0.7 | ) |  |  | (1.2 | ) |  |  | (1.2 | ) |  |  | (1.5 | )
Total |  | $ | 4.1 |  |  | $ | 15.5 |  |  | $ | 0.8 |  |  | $ | 15.8 |
The income tax benefit (provision) for the quarters ended June 30, 2022 and June 30, 2021 was $4.1 million and $15.5 million, respectively, reflecting an effective tax rate of 23% and 41%, respectively. There was no material difference between the effective tax rate and the projected blended statutory rate for the quarter ended June 30, 2022. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended June 30, 2021 was primarily due to: (i) an increase of 22% related to non‑deductible compensation expense; (ii) an increase of 5% related to foreign withholding tax; (iii) an increase of 4% due to various permanent items not deductible for tax purposes; (iv) an increase of 1% related to the valuation allowance for certain state net operating losses; and (v) an increase of 1% for the recognition of excess tax benefits from stock-based compensation, partially offset by a decrease of 15% related to a Federal Research and Development Credit. The income tax benefit (provision) for the six months ended June 30, 2022 and June 30, 2021 was $0.8 million and $15.8 million, respectively, reflecting an effective tax rate of 13% and 47%, respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2022 was primarily due to: (i) a decrease of 8% for the recognition of excess book benefits from stock-based compensation; (ii) a decrease of 5% related to a Federal Research and Development Credit; and (iii) a decrease of 1% related to the valuation allowance for certain state net operating losses, partially offset by: (i) an increase of 2% related to non-deductible compensation expense and (ii) an increase of 1% related to foreign withholding tax. The difference between the effective tax rate and the projected blended statutory tax rate for the six months ended June 30, 2021 was primarily due to: (i) an increase of 22% related to non-deductible compensation expense; (ii) an increase of 5% related to foreign withholding tax; (iii) an increase of 4% due to various permanent items not deductible for tax purposes; (iv) an increase of 3% related to the valuation allowance for certain state net operating losses; (v) an increase of 2% for a foreign tax rate difference; (vi) an increase of 2% for the recognition of excess tax benefits from stock-based compensation; and (vii) an increase of 2% for a change in state tax rate due to the Warrick acquisition, partially offset by a decrease of 15% related to a Federal Research and Development Credit. Our gross unrecognized benefits relating to uncertain tax positions were $4.7 million and $4.1 million at June 30, 2022 and December 31, 2021, respectively, of which, $4.7 million and $4.1 million would be recorded through our income tax provision and thus, impact the effective tax rate at June 30, 2022 and December 31, 2021, respectively, if the gross unrecognized tax benefits were to be recognized. We do not expect our gross unrecognized tax benefits to significantly change within the next 12 months.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration