Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

	Three Months Ended September 30,						Nine Months Ended September 30,
thousands except percentages	2023			2022			2023			2022
Income tax expense (benefit)	$	(144,701)		$	33,858		$	(161,349)		$	41,822
Income (loss) before income taxes	(688,688)			141,527			(747,104)			173,094
Effective tax rate	21.0		%	23.9		%	21.6		%	24.2		%

The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate.