Quarterly report pursuant to Section 13 or 15(d)

Income Tax

v3.20.2
Income Tax
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Tax Income TaxOur effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in various state jurisdictions with different statutory rates, benefits related to tax credits, and the tax impact of non-deductible expenses, stock award activities and other permanent differences between income before income taxes and taxable income. The effective tax rate for the three and six months ended June 30, 2020 was 21.5% and 10.9%, respectively. The variances from the U.S. federal statutory tax rate of 21% for the three and six months ended June 30, 2020 were primarily attributable to the mix of earnings in the jurisdictions with lower statutory rates than the U.S. offset by tax deductions related to stock award activities and tax deductions related to foreign derived intangible income tax credits. The effective tax rate for the three and six months ended June 30, 2019 was 20.0% and 20.9%, respectively. The variances from the U.S. federal statutory tax rate of 21% for the three months ended June 30, 2019 were primarily attributable to the mix of earnings in the jurisdictions with lower statutory tax rates than the U.S..