Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three and nine months ended September 30, 2023, we recorded $49.0 million and $131.7 million, respectively, of income tax expense and had an effective rate of 25.5% and 25.4%, respectively. For the three and nine months ended September 30, 2022, we recorded $76.0 million and $248.8 million respectively, of income tax expense and had an effective rate of 25.7% and 25.2%, respectively. For all periods, the primary reason for the difference between the federal statutory income tax rate of 21% and the effective tax rate was the effect of state taxes.

During the nine months ended September 30, 2023 and 2022, cash paid for taxes, net of refunds received, were $103.7 million and $189.0 million, respectively.