INCOME TAXES

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company reported income tax expense of $3.9 million and $5.8 million for the three months ended June 30, 2024 and 2023, respectively. The effective tax rates for the three months ended June 30, 2024 and 2023 were 39.4% and (13.3)%, respectively. The effective tax rate for the three months ended June 30, 2024 reflects (i) equity-based compensation awards expiring or vesting without a tax benefit and (ii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances. The effective tax rate for the three months ended June 30, 2023 reflects (i) impact from net non-deductible losses from divestitures, (ii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, and (iii) equity-based compensation awards expiring without a tax benefit.

The Company reported income tax expense of $11.3 million and $14.3 million for the six months ended June 30, 2024 and 2023, respectively. The effective tax rates for the six months ended June 30, 2024 and 2023 were 37.2% and (59.8)%, respectively. The effective tax rate for the six months ended June 30, 2024 reflects equity-based compensation awards expiring or vesting without a tax benefit. The effective tax rate for the six months ended June 30, 2023 reflects (i) impact from net non-deductible losses from divestitures, (ii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, and (iii) equity-based compensation awards expiring without a tax benefit