XML 33 R20.htm IDEA: XBRL DOCUMENT v3.22.2
Income Taxes
6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesFor the three months ended June 30, 2022 and 2021, the Company recorded an income tax expense of $821 and $1,139 on pre-tax income of $2,797 and $3,993 for an effective income tax rate of 29.4% and 28.5%, respectively. For the six months ended June 30, 2022 and 2021, the Company recorded an income tax expense of $313 and $818 on pre-tax income of $703 and $2,402 for an effective income tax rate of 44.5% and 34.1%, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022 and 2021 differs from the federal statutory rate of 21% primarily due to state income taxes, nondeductible expenses, and research tax credits. Changes in pre-tax income projections, combined with the seasonal nature of our businesses, could also impact the effective income tax rate.