Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

A reconciliation of the U.S. federal statutory tax rate to the Company’s effective income tax rate is as follows:

	Three months ended March 31,
	2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.1		(0.1)
Non-U.S. income taxed at different rates	0.2		0.6
Increase (reduction) in tax benefit related to stock-based awards	(0.1)		0.1
Increase in valuation allowance	(20.8)		(21.7)
Permanent differences	(0.4)		—
Effective income tax rate	—	%	(0.1)	%

Fluctuations in effective tax rates have historically been impacted by permanent tax differences with no associated income tax impact, changes in state apportionment factors, including the effect on state deferred tax assets and liabilities, and non-U.S. income taxed at different rates.

Deferred income taxes reflect the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the value reported for income tax purposes, at the enacted tax rates expected to be in effect when the differences reverse.