INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 6 – INCOME TAXES

The Company reported income tax expense of $2.9 million and $13.8 million for the three months ended March 31, 2022 and 2021, respectively. The effective tax rates for the three months ended March 31, 2022 and 2021, were (25.9)% and 34.5%, respectively. The effective tax rate for the three months ended March 31, 2022, reflects (i) a nondeductible FCPA Settlement accrual increase, (ii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, and (iii) equity-based compensation awards expiring without a tax benefit. The effective tax rate for the three months ended March 31, 2021, reflects (i) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances and (ii) equity-based compensation awards expiring without a tax benefit.