INCOME TAXES

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the three months ended September 30, 2021 and 2020 were 19.6% and 17.3%, respectively, and for the nine months ended September 30, 2021 and 2020 were 18.0% and 15.3%, respectively.

The period-over-period increases in the effective income tax rates are due to the effect of rate-regulated accounting for income taxes, the benefit of foreign tax rate differentials and an adjustment related to regulatory balances from prior year. The increase is partially offset by a reduction in US minimum tax and the release of previously recognized uncertain tax positions.