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Income Tax
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
The Company’s effective income tax rates were 39.6% and 19.3% for the three months ended March 31, 2024 and 2023, respectively. The Company recorded income tax expense of $27.5 million and $2.8 million for the three months ended March 31, 2024 and 2023, respectively.
As of March 31, 2024, the Company’s 2017 and 2018 federal tax returns were under audit by the IRS. The IRS has proposed adjustments to the Company’s fixed asset classification, which resulted in recording $7.2 million in uncertain tax positions (“UTP”) with an additional $0.7 million of UTP payable related to interest as of December 31, 2023. As of March 31, 2024, the Company’s UTP payable was $7.9 million, which was comprised of $7.2 million in UTP and $0.7 million in accrued interest.
The Company anticipates that it is reasonably possible that the Company will reach a resolution with the IRS such that no UTP will remain by December 31, 2024. The resolution of the UTP would result in a reclassification of the existing deferred tax assets or a cash tax payment with little or no impact on the effective income tax rate.