Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company’s effective tax rates for the three months ended June 30, 2023 and 2022 were (4%) and (21%), respectively. The Company’s effective tax rates for the six months ended June 30, 2023 and 2022 were 3% and (24%), respectively.

The changes in the effective tax rates were primarily driven by the Company’s forecasted ability to partially benefit from current year anticipated tax attributes for which a full federal valuation allowance was provided for in the prior period. The effective tax rates for the three and six months ended June 30, 2023 was lower than the 21% U.S. statutory corporate income tax rate. This difference is primarily due to lower realization of certain anticipated tax attributes in the U.S., as well as losses in certain non-U.S. jurisdictions for which tax benefits have not been recorded.