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Income Taxes
9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesIn determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended September 30, 2021 and 2020, the Company’s consolidated effective tax rates were 19.7% and 25.7%, respectively. For the nine month periods ended September 30, 2021 and 2020, the Company’s consolidated effective tax rates were 24.8% and 22.7%, respectively. The Company’s effective tax rate for the nine month period ended September 30, 2021 included the negative effect of $2.3 million related to non-deductible share-based compensation, offset by a benefit from adjustments related to the third quarter 2021 finalization of the Company’s 2020 tax returns. For the nine month period ended September 30, 2020, the Company’s tax rate benefited from the release of approximately $9.6 million of certain valuation allowances on Canadian deferred tax assets that were no longer necessary, as well as from adjustments related to the finalization of the Company’s 2019 tax returns.