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INCOME TAXES
 9 Months Ended
Sep. 30, 2022
INCOME TAXES  
INCOME TAXES

9.  INCOME TAXES

The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.

Income tax provision for the third quarter of 2022 reflects an effective tax rate of 22.3 percent compared to 19.9 percent for the comparable period in the prior year. For the nine months ended September 30, 2022, the income tax provision reflects an effective tax rate of 23.0 percent compared to 20.1 percent for the comparable period in the prior year. The increase in the effective tax rate is primarily due to an unfavorable change in permanent differences.