Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

14. INCOME TAXES

The Company is domiciled in the United States and has subsidiaries domiciled within the United States with

significant branches in Canada and Singapore. The Company’s non-U.S. branches are subject to income taxation at

varying rates in their respective domiciles. 

The Company generally applies the estimated annual effective tax rate approach for calculating its tax provision for

interim periods as prescribed by ASC 740-270, Interim Reporting. Under the estimated annual effective tax rate

approach, the estimated annual effective tax rate is applied to the interim year-to-date pre-tax income/(loss)to

determine the income tax expense or benefit for the year-to-date period. The tax expense or benefit for the

quarter represents the difference between the year-to-date tax expense or benefit for the current year-to-date

period less such amount for the immediately preceding year-to-date period. Management considers the impact of

all known events in its estimation of the Company’s annual pre-tax income/(loss) and effective tax rate.