Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

Income Taxes

Our effective tax rate for the six months ended June 30, 2022 increased period-over-period to 30.6% from 25.8%. The higher effective tax rate for 2022 was predominantly the result of the non-deductibility of the $113.4 million charges recorded in the first quarter of 2022, arising from the effects of the war in Ukraine, as well as an additional net charge of $4.8 million in connection with these charges. These charges were partially offset by the tax benefit arising from our share-based compensation awards. The effective tax rate for the six months ended June 30, 2021 reflects a nominal tax applied to the book gain on the disposition of subsidiary resulting from the excess of tax over book basis.

At June 30, 2022, our unrecognized tax benefits were $162.7 million. Of this amount, approximately $157.3 million would affect our effective tax rate upon resolution of the uncertain tax positions.