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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents components of income tax expense for the three and nine months ended September 30, 2022 and 2021:
Three months ended September 30,Nine months ended September 30,
(in thousands, except percentages)2022202120222021
Income tax based on income from continuing operations (1)$2,208 $13,150 $28,315 $37,733 
Provision for change in estimated tax rate674 397 740 179 
Income tax before discrete items2,882 13,547 29,055 37,912 
Discrete tax expense:
Exercise of U.S. stock options(9)(4)(17)(160)
Impact of amended tax returns— — (98)— 
True-up of prior year estimated taxes(1,185)(674)(1,693)(2,095)
Enacted tax legislation and rate change— — — 352 
Provision for/resolution of tax audits and contingencies, net24 — (116)278 
US Pension Settlement - Release of Residual Tax Effect(5,217)— (5,217)— 
Other322 20 359 88 
Total income tax expense/(benefit)$(3,183)$12,889 $22,273 $36,375 
(1) Calculated at estimated annual tax rates of 28.9% and 30.0% for the three and nine months ended September 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.
The Company's policy for releasing income tax effects from accumulated other comprehensive income is the specific identification approach, whereas these items are released to income tax expense when the individual items are disposed of, terminated or extinguished.
The Tax Cuts and Jobs Act lowered the U.S. corporate tax rate from 35% to 21% as of December 31, 2017, creating residual tax effects as a result of the remeasurement of deferred tax assets and liabilities originally established in other comprehensive income. As a result of the U.S. pension liability settlement (see Note 3), and consistent with the Company's policy, in the third quarter of 2022, the Company recorded a net tax benefit of $5.2 million for the release of the residual tax effects within other comprehensive income related to the U.S. pension settlement.