Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The effective income tax rate for the three months ended June 30, 2022 and 2021 was 25.5% and (0.3)%, respectively. The rate for the three months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the three months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

The effective income tax rate for the six months ended June 30, 2022 and 2021 was 24.2% and 11.8%, respectively. The rate for the six months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the six months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.