TAXES ON INCOME

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

TAXES ON INCOME

TAXES ON INCOME

    For the three months ended June 30, 2021 and 2020, the effective income tax rate was 21.6% and 25.5%, respectively. For the three months ended June 30, 2021, the effective income tax rate benefited from a lower effective income tax rate, 17.6%, on the gain on the sale of the Company's 40% ownership interest in Q2 Solutions (see Note 5). In addition, the effective income tax rate benefited from $5 million and $4 million of excess tax benefits associated with stock-based compensation arrangements for the three months ended June 30, 2021 and 2020, respectively.

    For the six months ended June 30, 2021 and 2020, the effective income tax rate was 22.9% and 24.4%, respectively. For the six months ended June 30, 2021, the effective income tax rate benefited from a lower effective income tax rate, 17.6%, on the gain on the sale of the Company's 40% ownership interest in Q2 Solutions (see Note 5). In addition, the effective income tax rate benefited from $9 million and $12 million of excess tax benefits associated with stock-based compensation arrangements for the six months ended June 30, 2021 and 2020, respectively.