Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate for the three months ended June 30, 2024 was 15.0%, reflecting a tax benefit of $2.9 million on pre-tax loss of $19.3 million, compared to 47.4% for the three months ended June 30, 2023, which reflected a tax benefit of $17.5 million on pre-tax loss of $37.0 million. The change in the effective tax rate for the three months ended June 30, 2024 compared to the prior year quarter was primarily a result of the change in forecasted worldwide pretax income and the mix of jurisdictional income, along with a higher overall non-US effective tax rate in the current year quarter.

The effective tax rate for the six months ended June 30, 2024 was 54.6%, reflecting a tax benefit of $47.1 million on pre-tax loss of $86.3 million, compared to 35.6% for the six months ended June 30, 2023, which reflected a tax benefit of $29.3 million on pre-tax loss of $82.4 million. The change in the effective tax rate for the six months ended June 30, 2024

compared to the prior year period 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").