Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following is a summary of Income before income taxes, Benefit for income taxes, and effective tax rate for the periods presented:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
Income before income taxes	$	51,592		$	26,983		$	111,783		$	94,793
Benefit for income taxes	$	(4,674)		$	(20,473)		$	(1,443)		$	(10,115)
Effective tax rate	(9.1)		%	(75.9)		%	(1.3)		%	(10.7)		%

For the three and six months ended June 30, 2022, the effective tax rate was higher primarily due to the decrease in discrete tax benefits recognized in the respective periods. For the three months ended June 30, 2022 and 2021, the Company recorded discrete tax benefits of $19,024 and $28,967, respectively, and $31,752 and $36,452 for the six months ended June 30, 2022 and 2021, respectively, primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.During the three and six months ended June 30, 2022, the Company repatriated $50,000 and $150,000, respectively, of undistributed previously taxed earnings generated by its foreign subsidiaries to the U.S. The repatriations were used to fund the acquisition of Power Line Systems (see Note 4). The cash repatriations did not have a material impact on Benefit for income taxes for the three and six months ended June 30, 2022.