5. Income Taxes

The Company’s provision for income taxes for the nine months ended September 30, 2019 and 2018 is based on the estimated annual effective tax rate, plus discrete items. The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2019 and 2018 (in thousands):


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Income (loss) before Income Taxes	$	(2,276)		$	18,137		$	8,045		$	19,956
Income tax provision (benefit)		(813)			1,679			1,503			1,081
Effective tax rate		35.7	%		9.3	%		18.7	%		5.4	%

The difference between the Company’s effective tax rate for the three and nine months ended September 30, 2019 and 2018 and the US statutory rate of 21% primarily relates to nondeductible expenses, nontaxable insurance benefits, federal income tax credits, state income taxes (net of federal benefit), Global Intangible Low-Taxed Income earned by certain foreign subsidiaries, the effect of taxes on foreign earnings and certain discrete items.