Income Taxes

9 Months Ended

Sep. 30, 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 September 30, 2022				Nine months ended September 30, 2022
	2022		2021		2022		2021
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	—		—		—		(0.2)
Non-U.S. income taxed at different rates	0.2		0.8		(0.3)		0.3
Increase (reduction) in tax benefit related to stock-based awards	—		(0.3)		(0.4)		1.2
Non-deductible expenses	0.5		5.8		0.4		1.1
Increase in valuation allowance	(21.7)		(27.3)		(20.7)		(23.6)
2018 IRS exam assessment	—		—		(0.4)		—
Effective income tax rate	—	%	—	%	(0.4)	%	(0.2)	%

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.