Income Taxes |
9 Months Ended | ||
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Sep. 30, 2022 | |||
| Income Tax Disclosure [Abstract] | |||
| Income Taxes |
The tax provisions for the three and nine months ended September 30, 2022 and 2021 were computed using the estimated effective tax rates applicable to each of the domestic and international taxable jurisdictions for the full year. The Company’s tax rate is subject to management’s quarterly review and revision, as necessary. The Company’s provision for income tax expense and effective income tax rate are significantly impacted by the mix of the Company’s domestic and foreign earnings (loss) before income taxes. In the foreign jurisdictions in which the Company has operations, the applicable statutory rates range from 0.0% to 35.0%, which is on average significantly lower than the U.S. federal and state combined statutory rate of approximately 25%. The Company’s effective tax rate was 17.9% and 15.6% for the three months ended September 30, 2022 and 2021, and 19.8% and 19.0% for the nine months ended September 30, 2022 and 2021. The increase for the quarterly and nine-month rates is the result of revisions to the estimated provision compared to the 2021 U.S. federal income tax return finalized in the current quarter and changes in the valuation allowance. |
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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