XML 31 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes
3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE K – INCOME TAXES

The Company’s effective tax rate was 13% and 32% for the three months ended March 31, 2022 and 2021, respectively. The lower effective tax rate for the three months ended March 31, 2022 compared to the U.S. federal statutory rate of 21% was primarily the result of a non-taxable benefit of $4.4 million related to the proceeds from a settlement of a Company-owned life insurance policy that was maintained for Director Emeritus Barbara P. Ruhlman until her death in January 2022, as well as other favorable discrete items. In addition to the aforementioned benefits, the effective tax rate decreased for the first quarter of 2022 compared to the first quarter of 2021 due to a decrease in unfavorable permanent adjustments in 2022, primarily related to the impact of lower operating results in certain jurisdictions.

 

The Company provides valuation allowances against deferred tax assets when it is more likely than not that some portion or all of its deferred tax assets will not be realized. During the period ended March 31, 2022, the Company recorded additional valuation allowances in various jurisdictions on their deferred tax assets, that are not expected to be realizable.

 

For the three-month period ending March 31, 2022, the Company did not record any unrecognized tax positions.