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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

13. Income Taxes

We recorded income tax expense of $5.6 million and $9.6 million for the three and nine months ended September 30, 2024, respectively, compared to the income tax expense of $3.9 million and $14.7 million for the three and nine months ended September 30, 2023, respectively. The Company’s effective income tax rate for the nine months ended September 30, 2024 was 40.5% compared to 10.6% for the same period in 2023. The income tax expense for the nine months ended September 30, 2024 and 2023 was determined based upon estimates of the Company’s effective income tax rates in various jurisdictions. Our effective tax rate for the nine months ended September 30, 2024 was higher than the expense computed at the U.S. federal statutory income tax rate due primarily to valuation allowance against unrealized investment losses, state income taxes and nondeductible expenses, partially offset by foreign-derived intangible income tax deduction and research and development credits.