Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (8) Income Taxes
The Company’s provision for income taxes consists principally of state and local, and foreign taxes, as applicable, in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that it expects to achieve for the full year.
For the nine months ended September 30, 2022, the Company recorded an income tax provision of $150,369. The effective tax rate for the nine months ended September 30, 2022 was 9.0%. The effective tax rate differs from the statutory rate of 21% due to the mix of foreign and domestic earnings, foreign withholding taxes and the application of valuation allowances that are applicable with respect to the Company. As of September 30, 2022, the Company’s conclusion did not change with respect to the realizability of its domestic deferred tax assets and therefore, the Company had not recorded any income tax benefit as such amounts are fully offset with a valuation allowance.
For the nine months ended September 30, 2021, the Company recorded an income tax provision of $63,804. The effective tax rate for the nine months ended September 30, 2021 was 13.9 %. The effective tax rate differed from the statutory rate of 21% due to the mix of foreign and domestic earnings and the application of valuation allowances. As of September 30, 2021, the Company’s conclusion did not change with respect to the realizability of its domestic deferred tax assets and therefore, the Company had not recorded any income tax benefit as such amounts are fully offset with a valuation allowance.
The Company’s total unrecognized tax benefits, excluding interest, as of September 30, 2022 and September 30, 2021 were $70,935 and $70,260, respectively. As of September 30, 2022 and September 30, 2021, the Company had $42,859 and $36,575, respectively, of accrued interest reflected in accrued expenses. |