Quarterly report pursuant to Section 13 or 15(d)

INCOME TAXES

v3.24.2.u1
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
During the three months ended June 30, 2024 and 2023, the Company recorded an income tax expense of $9.2 million, resulting in an effective tax rate of 24.7%, and income tax benefit of $14.2 million, resulting in an effective tax rate of 89.7%, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded an income tax expense of $11.8 million, resulting in an effective tax rate of 25.2%, and income tax benefit of $19.3 million, resulting in an effective tax rate of 85.9%, respectively.
The effective tax rate during the six months ended June 30, 2024 is impacted by the Company’s global mix of earnings in the current year, adjustments to valuation allowances against future realization of losses and deductible business interest expense, partially offset by the recognition of certain deferred tax assets. The effective tax rate during the six months ended June 30, 2023 was impacted by a lower U.S. statutory rate compared to higher foreign tax rates as a result of non-U.S. earnings in certain jurisdictions, adjustments to valuation allowances against future realization of deductible business interest expense and the recognition of certain deferred tax assets.