Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

We recorded a provision for income tax expense of $3.9 million and $14.7 million for the three and nine months ended September 30, 2023, respectively, compared to the recorded provision for income tax expense of $57.1 million and $63.1 million for the three and nine months ended September 30, 2022, respectively. The Company’s effective income tax rate for the nine months ended September 30, 2023 was 10.6% compared to 18.3% for the same period in 2022. The income tax expense for the nine months ended September 30, 2023 and 2022 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective tax rate for the nine months ended September 30, 2023 was lower than the U.S. federal statutory income tax rate due primarily to non-deductible expenses.