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Income Taxes
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes:The effective income tax rate for the three-month and nine-month periods ended September 30, 2022 was 22.7% and 23.3%, respectively, compared to 22.2% and 10.2% for the three-month and nine-month periods ended September 30, 2021, respectively. The three- and nine-month periods ended September 30, 2022 included a tax benefit related to global intangible low-taxed income, and net discrete tax benefits related to excess tax benefits realized from stock-based compensation arrangements and foreign return to provisions. The Company’s effective income tax rate fluctuates based on, among other factors, the amount and location of income. The three- and nine-month periods ended September 30, 2021 included a tax benefit of $152.9 million related to an accrual recorded as a subsequent event for the settlement of an arbitration ruling for a prior legal matter in October 2021. See Note 10, “Commitments and Contingencies,” for further details of this legal matter. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three- and nine-month periods ended September 30, 2022 was impacted by a variety of factors, primarily global intangible low-taxed income and the location in which income was earned, and an uncertain tax position recorded in Chile. The difference between the U.S. federal statutory income tax rate and our effective income tax rate for the three-month and nine-month periods ended September 30, 2021 was impacted by a variety of factors, primarily global intangible low-taxed income, the location in which income was earned. In addition, the three- and nine-month periods ended September 30, 2021 includes a $97.5 million tax expense recorded for the gain on the sale of the FCS business, offset by the tax benefit for the settlement of the arbitration ruling noted above and a benefit from foreign rate differences.