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Income Tax
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Tax 13. Income Tax
For the three months ended March 31, 2021, the effective tax rate on income (loss) before provision for income tax was (25%) which reflects an income tax benefit despite having income before provision for income tax. The Company’s effective tax rate for the three months ended March 31, 2021 differed from the U.S. statutory rate primarily due to tax benefits from foreign earnings taxed at different rates than the U.S. statutory rate (versus a tax charge in the prior period), tax credits, non-taxable investment income, and the corporate tax deduction for stock compensation.
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.