Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended June 30, 2023 was 47.4%, reflecting a tax benefit of $17.5 million on pre-tax loss of $37.0 million, compared to 16.7% for the three months ended June 30, 2022, which reflected a tax benefit of $0.1 million on pre-tax loss of $0.7 million. The change in the effective tax rate for the three months ended June 30, 2023 compared to the prior year quarter was primarily due to an increase in earnings in certain jurisdictions, taxed at lower tax rates, as compared to the prior year period, partially offset by the impact of higher non-deductible equity compensation.

The effective tax rate for the six months ended June 30, 2023 was 35.6%, reflecting a tax benefit of $29.3 million on pre-tax loss of $82.4 million, compared to 23.3% for the six months ended June 30, 2022, which reflected a tax benefit of $9.4 million on pre-tax loss of $40.5 million. The change in the effective tax rate for the six months ended June 30, 2023 compared to the prior year period was due to the same factors discussed above for the three months ended June 30, 2023.