Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

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INCOME TAXES
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES

NOTE 12. INCOME TAXES

 

Our forecasted annual effective tax rate (“AETR”) at June 30, 2021 was 12.8%, as compared to 22.2% at June 30, 2020. This decrease was primarily due to excess tax benefits from stock-based compensation, utilization of tax credits, foreign rate differential, Subpart F inclusion and a change in valuation allowance as a result of changes in estimates of current-year ordinary income considered in determining the forecasted AETR.

 

For the six months ended June 30, 2021 and 2020, our effective tax rate (“ETR”) was 4.2 and 23.1%, respectively. The decrease in the ETR for the six months ended June 30, 2021 is a result of the foreign rate differential, Subpart F inclusion, changes in valuation allowance and favorable discrete items related to excess tax benefits from stock-based compensation..