Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
6 Months Ended
Jun. 30, 2022
INCOME TAXES  
INCOME TAXES

NOTE 15.INCOME TAXES

The Company’s provision for income taxes is recorded on an interim basis based upon the Company’s estimate of the annual effective income tax rate for the full year applied to “ordinary” income or loss, adjusted each quarter for discrete items. The Company recorded a provision for income taxes of $33.7 million and $35.1 million for the three months ended June 30, 2022 and 2021, respectively, and $53.6 million and $62.3 million for the six months ended June 30, 2022 and 2021, respectively.

The Company’s effective tax rate decreased to 25.1% in the second quarter of 2022 compared to 26.2% in 2021. During the six months ended June 30, 2022, the Company’s effective tax rate decreased to 23.7% compared to 24.5% in 2021. The rate was lower due to a decrease in foreign taxes from 2021 to 2022.

As of June 30, 2022 and December 31, 2021, we had deferred income tax assets of $5.4 million and $2.9 million, respectively, included in other assets, and deferred income tax liabilities of $17.8 million and $13.3 million, respectively, included in other long-term accrued liabilities.