Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax expense decreased $8.5 million to $16.1 million for the three months ended June 30, 2022 compared to $24.6 million for the three months ended June 30, 2021. The Company’s effective tax rate ("ETR") was 19.1% for the three months ended June 30, 2022 compared to 22.9% for the three months ended June 30, 2021. Income tax expense decreased $15.4 million to $37.0 million for the six months ended June 30, 2022 compared to $52.4 million for the six months ended June 30, 2021. The Company’s ETR was 19.8% for the six months ended June 30, 2022 compared to 23.7% for the six months ended June 30, 2021.

The ETR for the three and six months ended June 30, 2022 differed from the U.S. statutory tax rate primarily due to the impact of the U.S. deduction for foreign derived intangible income and federal and state tax credits, partially offset by the U.S. taxation of foreign income and the Company's geographic mix of income. The ETR for the three and six months ended June 30, 2021 differed from the U.S. statutory tax rate primarily due to the U.S. taxation of foreign income and the Company's geographic mix of income, partially offset by the impact of the U.S. deduction for foreign derived intangible income and federal and state tax credits.