Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

Loss before income taxes was $34.3 million and $28.8 million for the three and six months ended June 30, 2023, respectively, while the income tax benefit was $5.2 million and $10.7 million for the three and six months ended June 30, 2023, respectively. The effective tax rate was 15.2% and 37.0% for the three and six months ended June 30, 2023, respectively, which differed from the federal statutory rate of 21% primarily due to tax expense associated with nondeductible executive compensation and non-creditable foreign taxes, which was partially offset by U.S. tax credits and a discrete tax benefit associated with stock compensation.

Income before income taxes was $5.8 million and $10.4 million for the three and six months ended June 30, 2022, respectively, while the income tax expense was $1.2 million and $3.1 million for the three and six months ended June 30, 2022, respectively. The effective tax rate was 21.4% and 29.3% for the three and six months ended June 30, 2022, respectively, which differed from the federal statutory rate of 21% primarily due to tax expense associated with nondeductible executive compensation, non-creditable foreign taxes and U.S. state taxes, which was partially offset by U.S. tax credits and a discrete tax benefit associated with stock compensation.