XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Taxes
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesOur overall effective income tax rates were 22.3% and 25.4% for the three and nine months ended September 30, 2022, respectively, and 24.3% and 24.2% for the three and nine months ended September 30, 2021, respectively. The rates for the three and nine months ended September 30, 2022 resulted in income tax expense of $41.4 million and $164.3 million, respectively, compared to income tax expense of $46.7 million and $131.5 million for the three and nine months ended September 30, 2021, respectively. The year-over-year decrease in the effective tax rate for the three months ended September 30, 2022, was primarily due to the Inflation Reduction Act retroactively extending the energy tax credit for the period January 1, 2022 through December 31, 2022 during the quarter. This was partially offset by an increase in non-deductible executive compensation. The year-over-year increase in the effective rate for the nine months ended September 30, 2022 was primarily related to an increase in non-deductible executive compensation and a decrease in the windfall on non-qualifying stock options exercised and lapsed restricted stock during the current period.