INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective income tax rates for the three months ended June 30, 2022 and 2021 were 18.0% and 15.1%, respectively, and for the six months ended June 30, 2022 and 2021 were 21.4% and 17.6%, respectively.

The period-over-period increases in the effective income tax rates were due to the effect of rate-regulated accounting for income taxes relative to earnings, an increase in US minimum tax, and the release of previously recognized uncertain tax positions in 2021.