INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings and related estimated full year-taxes, adjusted for the impact of discrete quarterly items.

The effective tax rate for the three months ended June 30, 2022 and 2021, respectively, was 28.9% and 25.6%. The effective tax rate for the six months ended June 30, 2022 and 2021, respectively, was 28.5% and 20.5%. The lower effective tax rate for the three and six months ended June 30, 2021 reflects additional tax benefits from employee stock-based compensation.