XML 28 R13.htm IDEA: XBRL DOCUMENT v3.22.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s income tax benefit (expense) for the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021 consisted of the following components:
(In thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
Current tax expense$(38,581)$(3,477)$(42,160)$(5,066)
Deferred tax benefit (expense)36,799 (20,972)60,587 (99,318)
Income tax benefit (expense)$(1,782)$(24,449)$18,427 $(104,384)

The effective tax rates for the three and six months ended June 30, 2022 were 10.5% and 35.4%, respectively. The effective tax rates were primarily impacted by the forecasted increase in valuation allowance against certain deferred tax assets, related primarily to disallowed interest expense carryforwards and net operating loss carryforwards, due to uncertainty regarding the Company’s ability to utilize those assets in future periods.
The effective tax rates for the three and six months ended June 30, 2021 were (325.5)% and (61.5)%, respectively. The effective tax rates were primarily impacted by the deferred tax expense recorded for the valuation allowance against certain deferred tax assets for disallowed interest expense and net operating loss carryforwards due to the uncertainty of the Company’s ability to utilize those assets in future periods.