Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Grace’s effective tax rates for the three months ended March 31, 2020 and 2019, were 27.2% and 30.7%, respectively. For both periods, Grace’s effective tax rate was higher than the U.S. federal statutory rate primarily due to income taxed in jurisdictions with higher statutory tax rates than the U.S.

As of March 31, 2020, Grace had $302.0 million in federal tax credit carryforwards before unrecognized tax benefits.