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Income Tax Matters | 9 Months Ended
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Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Income Tax Matters | 9. Income Tax Matters The income tax (provision) benefit consisted of the following (in millions of dollars):
|  | Quarter Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | (1.0 | ) |  | $ | (8.8 | ) |  | $ | 0.9 |  |  | $ | 8.5 |
Foreign |  |  | (0.1 | ) |  |  | 0.4 |  |  |  | (1.2 | ) |  |  | (1.1 | )
Total |  | $ | (1.1 | ) |  | $ | (8.4 | ) |  | $ | (0.3 | ) |  | $ | 7.4 |
The income tax (provision) benefit for the quarters ended September 30, 2022 and September 30, 2021 was $(1.1) million and $(8.4) million, respectively, reflecting an effective tax rate of 33% and 137%, respectively. The difference between the effective tax rate and the blended statutory tax rate for the quarter ended September 30, 2022 was primarily due to an increase of 13% for a change in forecasted earnings and its impact on the annual effective tax rate, partially offset by a decrease of 5% for the recognition of excess book benefits from stock-based compensation. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended September 30, 2021 was primarily due to an increase of 116% of taxable income for a change in forecasted earnings and its impact on the annual effective tax rate, partially offset by a decrease of 2% related to the valuation allowance for certain state net operating losses and a decrease of 1% for the recognition of excess tax benefits from stock-based compensation. The income tax (provision) benefit for the nine months ended September 30, 2022 and September 30, 2021 was $(0.3) million and $7.4 million, respectively, reflecting an effective tax rate of (14%) and 27%, respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the nine months ended September 30, 2022 was primarily due to: (i) a decrease of 42% related to a Federal Research and Development Credit; (ii) a decrease of 11% for the recognition of excess book benefits from stock-based compensation; (iii) a decrease of 4% related to the valuation allowance for certain state net operating losses; and (iv) a decrease of 2% for related to unrecognized tax benefits, including interest and penalties, partially offset by an in crease related to permanent items of 21%, including non-deductible compensation expense and foreign withholding tax. The difference between the effective tax rate and the projected blended statutory tax rate for the nine months ended September 30, 2021 was primarily due to: (i) an increase of 4% related to the valuation allowance for certain state net operating losses; (ii) an increase of 3% related to tax credits; (iii) an increase of 2% for the recognition of excess tax benefits from stock-based compensation; and (iv) an increase of 2% for a change in state tax rate due to the Warrick acquisition, partially offset by a decrease related to permanent items of 7%, including non-deductible compensation expense and foreign withholding tax. Our gross unrecognized benefits relating to uncertain tax positions were $5.0 million and $4.1 million at September 30, 2022 and December 31, 2021, respectively, of which, $5.0 million and $4.1 million would be recorded through our income tax provision and thus, impact the effective tax rate at September 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.

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- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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