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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Taxes [Abstract]  
Income Taxes 7. Income Taxes

The effective income tax rate for the three months ended September 30, 2022, was 24.4%, an increase from an effective income tax rate of 14.7% for the three months ended September 30, 2021. The increase is primarily due to a decrease in tax benefits related to option exercises and equity vesting, a reduction in return to provision benefits, and an increase in ASC 740-10 tax reserves, partially offset with a reduction in nondeductible expenses.

The effective income tax rate was 23.1% for the nine months ended September 30, 2022, an increase from an effective income tax rate of 19.5% for the nine months ended September 30, 2021. The increase is primarily due to fewer tax benefits related to option exercise and equity vesting, a reduction in return to provision benefits, and an increase in ASC 740-10 tax reserves, partially offset with a reduction in nondeductible expenses in the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021.

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 ,which includes a 15% minimum tax on the adjusted financial statement income of corporations with a three taxable year average annual adjusted financial statement income in excess of $1 billion, a 1% excise tax on net stock repurchases made by publicly traded US corporations and several tax incentives to promote clean energy. The alternative minimum tax and the excise tax are effective in taxable years beginning after December 31, 2022. While these tax law changes have no immediate effect and are not expected to have a material adverse effect on our results of operations going forward, we will continue to evaluate its impact as further information becomes available.