Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

Note 15—Income Taxes

The Company’s effective income tax rates were 20.4% and 26.0% for the quarters ended March 31, 2023 and 2022, respectively. The effective income tax rate decreased in the quarter ended March 31, 2023 compared to the same period in 2022. The decrease was primarily due to a $1.3 million higher favorable permanent tax adjustment accompanied by a $196.4 million decrease in income before income taxes during the quarter ended March 31, 2023 compared to the same period in 2022.