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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation Between Federal Statutory Rate and Effective Income Tax Rate

The reconciliation between the Federal Statutory Rate and the effective income tax rate for the three months ended March 31, 2022 and 2021 is as follows:

			Three months ended March 31,
			2022						2021
United States Federal Statutory Rate			21.0		%				21.0		%
State income taxes (net of Federal benefits)			3.9						3.7
Foreign income taxes			3.2						3.0
Expenses of Compass Group Diversified Holdings LLC representing a pass through to shareholders (1)			—						13.0
Impact of subsidiary employee stock options			1.6						0.3
Credit utilization			(4.3)						(2.4)
Non-recognition of NOL carryforwards at subsidiaries			(0.4)						0.9
Foreign-derived intangible income (FDII) and GILTI tax			(0.9)						(7.5)
Effect of classification of assets held for sale			10.5						—
Other			0.6						(3.1)
Effective income tax rate			35.2		%				28.9		%

(1)     The effective income tax rate for the three months ended March 31, 2021 included a loss at the Trust, which was taxed as a partnership through August 31, 2021. Beginning September 1, 2021, the Trust was taxed as a corporation.

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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