XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax benefit of $0.1 million and income tax provision of $1.6 million for the three and six months ended June 30, 2022, respectively, represent taxes on both U.S. and foreign earnings at a combined effective income tax benefit rate of 2.5% and an income tax provision rate of (69.8)%, respectively. The negative rate for the six months ended June 30, 2022 reflects tax expense on a pretax financial reporting loss. The effective tax rate for the three and six months ended June 30, 2022 differs from the federal statutory income tax rate of 21.0% primarily due to foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance.
Income tax provision of $1.8 million and $4.2 million for the three and six months ended June 30, 2021, respectively, represent taxes on both U.S. and foreign earnings at combined effective income tax provision rates of 25.3% and 32.8%, respectively. The effective tax rate for the three and six months ended June 30, 2021 differs from the federal statutory income tax rate of 21.0% primarily due to state and local tax expense, and foreign losses for which no tax benefit is recognized as such amounts are fully offset with a valuation allowance, net of a benefit related to share based equity compensation.
The Company has identified the following jurisdictions as “major” tax jurisdictions: U.S. Federal, California, Georgia, Illinois, Massachusetts, New Jersey, New York and the United Kingdom.
The audit of the Company's New York State tax returns for years 2015-2019 closed during the quarter ended March 31, 2022 with an immaterial adjustment.
The Company evaluates its tax positions on a quarterly basis and revises its estimates accordingly. There were no material changes to the Company’s uncertain tax positions, interest, or penalties during the three-month periods ended June 30, 2022 and June 30, 2021.