Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 6 Income Taxes

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. The Company’s income tax positions are based on interpretations of income tax laws and rulings in each of the jurisdictions that the Company operates. Significant judgment is required in determining the worldwide provision for income taxes and recording the related deferred tax assets and liabilities. The Company’s deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income for the years in which the assets or liabilities are expected to be realized or settled.

Interim provisions are tied to an estimate of the overall annual rate which can vary due to the relationship of foreign and domestic earnings, state taxes and available deductions, credits and discrete items.

The Company’s earnings before incomes taxes, provision for income taxes, and effective income tax rate are as follows:

	Three months ended June 30,						Six months ended June 30,
(In thousands)	2022			2021			2022			2021
Earnings before income taxes	$	22,046		$	18,639		$	40,863		$	36,348
Provision for income taxes		5,382			4,667			9,839			8,595
Effective income tax rate		24.4	%		25.0	%		24.1	%		23.6	%