XML 35 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
9 Months Ended
Sep. 30, 2021
Income Taxes [Abstract]  
Income Taxes Note 10 – Income Taxes The U.S. Coronavirus Aid, Relief, and Economic Security Act (“The CARES Act”) was enacted on March 27, 2020, to provide, among other things, tax relief to companies impacted by the COVID-19 pandemic. The CARES Act includes, among other items, provisions for net operating loss carryback, modifications to the business interest expense deduction, a technical correction to tax depreciation methods for qualified improvement property, and alternative minimum tax credit refunds. During the quarter ended March 31, 2020, we recorded a tax benefit arising from the carryback of the net operating loss generated in the taxable year ended December 31, 2019. The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income or loss before taxes. The differences are attributable to foreign tax rate differential, unrecognized tax benefits, and change in valuation allowance. Our effective tax rate was 26.4% and 9.5% for the nine months ended September 30, 2021, and 2020, respectively. The difference between 2021 and 2020 is primarily related to the increase in pretax income in 2021, partially offset by an income tax benefit of approximately $5.6 million recorded during the second quarter of 2021 due to the recognition of previously unrecognized tax benefits. The forecasted effective tax rate is updated each quarter as new information becomes available.