INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company’s effective tax rate from continuing operations for the six month period ended June 30, 2022 was 21.2 percent as compared to 16.8 percent for the six month period ended June 30, 2021. The effective tax rate is higher than the U.S. statutory rate of 21 percent primarily due to state taxes offset by the recognition of the U.S. foreign-derived intangible income (FDII) provisions. For the second quarter of 2022, the effective tax rate was 21.9 percent compared to19.0 percent for the second quarter of 2021.

The increase in the effective tax rate for the second quarter of 2022 as well as the six month period ended June 30, 2022 was primarily a result of less favorable discrete events recorded in the six month period ended June 30, 2022, as compared to the six month period ended June 30, 2021, primarily related to excess tax benefits from share based compensation.