Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents components of income tax expense for the three and six months ended June 30, 2022 and 2021:

	Three months ended June 30,				Six months ended June 30,
(in thousands, except percentages)	2022		2021		2022		2021
Income tax based on income from continuing operations (1)	$	15,165	$	13,251	$	26,107	$	24,583
Provision for change in estimated tax rate	66		(218)		66		(218)
Income tax before discrete items	15,231		13,033		26,173		24,365
Discrete tax expense:
Exercise of U.S. stock options	—		(14)		(9)		(156)
Impact of amended tax returns	(17)		—		(98)		—
True-up of prior year estimated taxes	(612)		22		(508)		(1,421)
Enacted tax legislation and rate change	—		352		—		352
Provision for/resolution of tax audits and contingencies, net	(146)		—		(140)		278
Other	2		53		38		68
Total income tax expense	$	14,458	$	13,446	$	25,456	$	23,486
(1) Calculated at estimated annual tax rates of 28.2% and 29.5% for the three and six months ended June 30, 2022 and 2021.

Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.