Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

We recorded a provisional income tax benefit of $0.9 million for the three months ended June 30, 2022 and provisional income tax expense of $6.0 million for the six months ended June 30, 2022, compared to provisional income tax expense of $25.3 million and $45.1 million for the three and six months ended June 30, 2021 respectively. The Company’s effective income tax rate for the six months ended June 30, 2022 was 4.3%, compared to 18.6% for the same period in 2021. The income tax expense for the six months ended June 30, 2022 and 2021 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective income tax rate for the six months ended June 30, 2022 was lower than the U.S. federal statutory income tax rate due primarily to noncontrolling interest and a decrease in the fair value of our equity investments.