INCOME TAXES

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company reported income tax expense of $2.3 million and $4.8 million for the three months ended September 30, 2024 and 2023, respectively. The effective tax rates for the three months ended September 30, 2024 and 2023 were (20.2)% and 69.6%, respectively. The effective tax rate for the three months ended September 30, 2024 reflects a loss before tax and additionally (i) the impact from net non-deductible impairment losses, (ii) a non-deductible legal matter, and (iii) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances. The effective tax rate for the three months ended September 30, 2023 reflects (i) losses in jurisdictions that are not eligible for tax benefits on account of valuation allowances, (ii) the impact from net non-deductible losses from divestitures, and (iii) equity-based compensation awards expiring without a tax benefit, partially offset by (iv) the tax benefit associated with the U.S. federal research and development tax credit.

The Company reported income tax expense of $13.6 million and $19.1 million for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rates for the nine months ended September 30, 2024 and 2023 were 71.6% and (112.4)%, respectively. The effective tax rate for the nine months ended September 30, 2024 reflects (i) equity-based compensation awards expiring or vesting without a tax benefit, (ii) a non-deductible legal matter, and (iii) the impact from net non-deductible impairment losses. The effective tax rate for the nine months ended September 30, 2023 reflects a loss before tax and additionally (i) the 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.