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Income Taxes

3 Months Ended

Mar. 31, 2021

NOTE 19 — Income Taxes

The effective tax rates for the three months ended March 31, 2021 and March 31, 2020 are as follows:

	Three months ended
	March 31,			March 31,
	2021			2020
Effective tax rate		18.9	%		36.4	%

Our effective income tax rate was 18.9% and 36.4% in the first quarters of 2021 and 2020, respectively. This decrease is primarily attributed to the change in the mix of earnings by jurisdiction and the establishment of valuation allowance on certain tax credits in the first quarter of 2020. The first quarter 2021 tax rate was lower than the U.S. statutory federal tax rate primarily due to foreign earnings that are taxed at lower rates and tax benefits recorded upon vesting of restricted stock units. The first quarter 2020 tax rate was higher than the U.S. statutory federal tax rate primarily due to the establishment of valuation allowances on certain tax credits and a one-time tax expense resulting from a company restructuring.

- 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.

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