INCOME TAXES

6 Months Ended

Jun. 30, 2022

INCOME TAXES

INCOME TAXES

NOTE 4.    INCOME TAXES

The following table summarizes tax expense and the effective tax rate for our income from continuing operations:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Income from continuing operations, before income taxes	$	56,014		$	37,418		$	99,829		$	81,093
Provision for income taxes	$	11,203		$	1,876		$	18,156		$	7,160
Effective tax rate		20.0	%		5.0	%		18.2	%		8.8	%

Our effective tax rates differ from the U.S. federal statutory rate of 21% for the three and six months ended June 30, 2022 and 2021, respectively, primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations. The effective tax rate for both the three and six months ended June 30, 2022 was higher than the same periods in 2021 primarily driven by the global impact to our provision from capitalizing and amortizing research and development expenses rather than immediately expensing them starting in 2022 as required by the 2017 Tax Cuts and Jobs Act. Congress has proposed tax legislation to delay the effective date of this change, but it is uncertain whether the proposed delay will ultimately be enacted into law. Additionally, there were beneficial discrete events in 2021 that did not recur in 2022.