Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES 

Our effective income tax rate was 22.9% for the three months ended June 30, 2022, as compared to 19.5% for the three months ended June 30, 2021, the increase in the effective tax rate for the three months ended June 30, 2022, as compared to the same periods in the prior year, was primarily driven by higher taxes on international income and decreases in tax benefits related to share-based compensation.

Our effective income tax rate was 21.0% for the six months ended June 30, 2022, as compared to 17.3% for the six months ended June 30, 2021. The increase in our effective tax rate for the six months ended June 30, 2022, as compared to the same periods in the prior year, was primarily driven by decreases in tax benefits related to share-based compensation and higher taxes on international income.

The effective tax rate for the three months ended June 30, 2022, differed from the U.S. federal statutory tax rate of 21% primarily due to U.S. state income taxes, net of federal benefit, partially offset by tax benefits from share-based compensation.

The effective tax rate for the six months ended June 30, 2022, was equivalent to the U.S. federal statutory tax rate of 21%. The impact on the effective tax rate from U.S. state income taxes, net of federal benefit, was substantially offset by tax benefits from share-based compensation.

The effective tax rate for the three and six months ended June 30, 2021, differed from the U.S. statutory tax rate of 21% primarily due to tax benefits from share-based compensation.