Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes

Income Taxes

Note 6 — Income Taxes

We operate in multiple jurisdictions with complex tax laws subject to interpretation and judgment. We believe that our application of such laws and the tax impact thereof are reasonable and fairly presented in our condensed consolidated financial statements.

For the three-month periods ended March 31, 2025 and 2024, we recognized income tax provision (benefit) of $0.5 million and $(1.7) million, respectively, resulting in effective tax rates of 12.9% and 6.1%, respectively. The effective tax rate for the three-month period ended March 31, 2025 was impacted by a discrete non-U.S. tax benefit. The effective rate for the three-month period ended March 31, 2024 was impacted by the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event.