Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

We recorded provisional income tax expense of $57.1 million and $63.1 million for the three and nine months ended September 30, 2022, respectively, compared to provisional income tax expense of $20.5 million and $65.6 million for the three and nine months ended September 30, 2021, respectively. The Company’s effective income tax rate for the nine months ended September 30, 2022 was 18.3%, compared to 16.9% for the same period in 2021. The income tax expense for the nine months ended September 30, 2022 and 2021 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective income tax rate for the nine months ended September 30, 2022 was lower than the U.S. federal statutory income tax rate due primarily to a decrease in the fair value of our equity investments.