XML 29 R20.htm IDEA: XBRL DOCUMENT v3.22.2
INCOME TAXES
6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESThe Company’s effective income tax rate for the three and six months ended June 30, 2022 was 3.3% and 3.4%, respectively. The Company’s effective income tax rate for the three and six months ended June 30, 2021 was 37.8% and 28.8%.
The effective tax rate for the six months ended June 30, 2022, differs from the statutory rate due to changes in the amount of the valuation allowance recorded against the Company’s deferred tax assets and the impact of certain state tax credits recorded in the period ended June 30, 2022.

The effective tax rate for the six months ended June 30, 2021, differs from the statutory rate due to changes in the valuation allowance, certain non-deductible expenses, and state income taxes.

During the six months ended June 30, 2022, the Company completed the application process to obtain income tax credits from the state of California related to the California Competes program and recorded a benefit of approximately $1.7 million.

During the six months ended June 30, 2022, the Company recorded amounts related to uncertain tax positions of approximately $0.3 million.