Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended September 30, 2023 was 171.9%, reflecting a tax benefit of $11.2 million on pre-tax loss of $6.5 million, compared to (70.9)% for the three months ended September 30, 2022, which reflected a tax benefit of $4.2 million on pre-tax income of $5.7 million. The change in the effective tax rate for the three months ended September 30, 2023 compared to the prior year quarter was primarily a result of increased earnings in certain jurisdictions taxed at lower tax rates and a reduction to the Global intangible low-taxed income ("GILTI") inclusion in the US due to an election allowing for the exclusion of certain income, partially offset by the impact of higher non-deductible equity compensation.

The effective tax rate for the nine months ended September 30, 2023 was 45.6%, reflecting a tax benefit of $40.5 million on pre-tax loss of $88.9 million, compared to 39.0% for the nine months ended September 30, 2022, which reflected a tax benefit of $13.6 million on pre-tax loss of $34.8 million. The change in the effective tax rate for the nine months ended September 30, 2023 compared to the prior year period was due to the same factors discussed above for the three months ended September 30, 2023.