Income Taxes

6 Months Ended

Jun. 30, 2023

Income Taxes

Income Taxes

Note 15—Income Taxes

The Company’s effective income tax rates were 20.1% and 27.2% for the quarters ended June 30, 2023 and 2022, respectively, and 20.2% and 26.5% for the six months ended June 30, 2023 and 2022, respectively. The decrease in the effective income tax rates for the quarter and six months ended June 30, 2023 when compared to the same periods for 2022 results from an increase in favorable permanent tax adjustments and a decrease in income before income taxes in 2023. The Company has favorable permanent tax adjustments of $4.9 million and $7.4 million with corresponding income before tax of $72.9 million and $111.1 million in the quarter and six months ended June 30, 2023, respectively. For the quarter and six months ended June 30, 2022, the Company reported unfavorable permanent tax adjustments of $1.3 million and $0.1 million with corresponding income before tax of $177.5 million and $412.0 million, respectively.