Income Tax

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax

13. Income Tax

For the three months ended March 31, 2020, the effective tax rate on income (loss) before provision for income tax was 22%. The Company’s effective tax rate for the three months ended March 31, 2020 differed from the U.S. statutory rate primarily due to tax charges from foreign earnings taxed at different rates than the U.S. statutory rate, partially offset by tax benefits related to non-taxable investment income, tax credits and the finalization of bankruptcy proceedings for a leveraged lease investment.

For the three months ended March 31, 2019, the effective tax rate on income (loss) before provision for income tax and the U.S. statutory rate were both 21%. The Company’s effective tax rate for the three months ended March 31, 2019 includes tax benefits related to non-taxable investment income and tax credits, largely offset by the tax charges from foreign earnings taxed at different rates than the U.S. statutory rate.