Taxes on Income

3 Months Ended

Mar. 31, 2023

Taxes on Income

Taxes on Income

16. Taxes on Income

The company’s effective tax rate was 19.2 percent and 18.5 percent for the three months ended March 31, 2023 and 2022, respectively. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2023, was reduced by 2.9 percentage points for federal tax credits, and increased by 1.2 percentage points for U.S. state and local taxes, net. As compared to the statutory U.S. tax rate, the effective tax rate for the three months ended March 31, 2022, was reduced by 2.3 percentage points for share-based compensation, reduced by 1.5 percentage points for changes in deferred taxes on the investment in its Russian business, and increased by 1.3 percentage points for the sale of the Ball Metalpack equity method investment.