Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended March 31, 2024 was 66.0%, reflecting a tax benefit of $44.2 million on pre-tax loss of $67.0 million, compared to 26.0% for the three months ended March 31, 2023, which reflected a tax benefit of $11.8 million on pre-tax loss of $45.4 million. The change in the effective tax rate for the three months ended March 31, 2024 compared to the prior year quarter was primarily a result of a decrease to our uncertain tax positions as a result of an audit settlement and a reduction to the Global Intangible Low-Taxed Income ("GILTI") inclusion in the U.S. due to an election allowing for the exclusion of certain income, partially offset by the impact of the Global Anti-Base Erosion and Profit Shifting ("BEPS") - Pillar Two Global Minimum Tax introduced by The Organization for Economic Co-operation and Development ("OECD").