INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company’s effective tax rate from continuing operations for the three month period ended March 31, 2022 was 19.7 percent as compared to 13.5 percent for the three month period ended March 31, 2021. The effective tax rate is lower than the U.S. statutory rate of 21 percent primarily due to the recognition of the U.S. foreign-derived intangible income (FDII) provisions and certain discrete events including excess tax benefits from share-based compensation partially offset by state taxes.

The increase in the effective tax rate was primarily a result of less favorable discrete events recorded in the three month period ended March 31, 2022, as compared to the three month period ended March 31, 2021.