XML 23 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Taxes
9 Months Ended
Sep. 30, 2022
Income Taxes [Abstract]  
Income Taxes 4. INCOME TAXES

Our total provision for income taxes was $43.7 million and $123.1 million for the three and nine months ended September 30, 2022, respectively. We record our income tax provision using a full-year forecasted methodology, including discrete items in the period in which they occur. Our year-to-date effective tax rate was 25.7% for the nine months ended September 30, 2022 compared to 25.2% for the nine months ended September 30, 2021.

Our federal income tax returns for the tax years 2019 and forward are available for examination by the U.S. Internal Revenue Service (“IRS”).  The statute of limitations for the 2018 federal return expired on October 15, 2022. Our state income tax returns for 2017 through 2021 remain subject to examination by various state authorities with the latest period closing on December 31, 2026.  We have not extended the statutes of limitations in any state jurisdictions with respect to years prior to 2017. 

On August 16, 2022, President Biden signed H.R. 5376, the Inflation Reduction Act of 2022 (“IRA”). This legislation includes a 15% corporate alternative minimum tax, a 1% excise tax on stock buybacks and a two-year extension of the excess business loss limitation rules among its key tax provisions effective for years beginning after December 31, 2022. We are continuing to evaluate the existing guidance but do not anticipate a material impact to the Company, as historical earnings do not exceed applicable thresholds and we are not a “covered corporation” as defined under IRA. We will continue to monitor other IRA provisions relating to energy production investment incentives and Medicare cost reduction, as authoritative guidance becomes available.