Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The computation of the provision for or benefit from income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date income before tax and adjusting for discrete tax items recorded in the period, if any.

The Company recorded a tax provision of $4.0 million and $3.5 million for the three months ended September 30, 2023 and 2022, respectively, which resulted in an effective tax rate of 62.7% and 27.2%, respectively. The Company recorded a tax provision of $5.0 million and $13.0 million for the nine months ended September 30, 2023 and 2022, respectively, which resulted in an effective tax rate of 60.3% and 32.3%, respectively. For the three and nine months ended September 30, 2023 and 2022, the effective rate differs from the statutory rate mainly due to a jurisdictional mix of earnings and permanent items.