Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

We recorded income tax benefit of $4.6 million for the three months ended June 30, 2024 and income tax expense of $4.0 million for the six months ended June 30, 2024, compared to the income tax expense of $4.5 million and $10.8 million for the three and six months ended June 30, 2023. The Company’s effective income tax rate for the six months ended June 30, 2024 was 68.4% compared to 25.7% for the same period in 2023. The income tax expense for the six months ended June 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 six months ended June 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.