Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

Note 10 – Income Taxes The interim provision for income taxes is different from the amount determined by applying the U.S. federal statutory rate to consolidated income or loss before taxes.  The differences are attributable to foreign tax rate differential, unrecognized tax benefits, and change in valuation allowance. Our effective tax rate was (6.9%) and 22.9% for the six months ended June 30, 2022, and 2021, respectively.  The difference is primarily due to the increase in both valuation allowance and unrecognized tax benefits as well as a decrease in Global Intangible Low-Taxed Income (“GILTI”) tax in 2022.  The forecasted effective tax rate is updated each quarter as new information becomes available.