INCOME TAXES |
9 Months Ended |
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Sep. 30, 2023 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES During the three months ended September 30, 2023 and 2022, the Company recorded an income tax expense of $22.6 million, resulting in an effective tax rate of 83.9%, and income tax expense of $0.1 million, resulting in an effective tax rate of 0.7%, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded an income tax expense of $3.3 million, resulting in an effective tax rate of 73.8%, and income tax expense of $11.6 million, resulting in an effective tax rate of 41.8%, respectively.
The effective tax rate in 2023 is impacted by the Company’s global mix of earnings, adjustments to valuation allowances against future realization of deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate in 2022 is impacted by the global mix of earnings, the tax impact of non-deductible expenses and adjustments to valuation allowances against net operating losses.
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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