Income Taxes

6 Months Ended

Jun. 30, 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- and six-month periods ended June 30, 2025, we recognized income tax benefit of $6.0 million and $5.5 million, respectively, resulting in effective tax rates of 69.8% and 109.3% respectively. The effective tax rates for these periods were impacted by certain non-U.S. discrete items and the jurisdictional mix of earnings. For the three- and six-month periods ended June 30, 2024, we recognized income tax provision of $14.7 million and $13.0 million, respectively, resulting in effective tax rates of 31.3% and 68.5%, respectively. The effective rate for the three-month period ended June 30, 2024 was impacted by certain non-deductible expenses and non-creditable foreign income taxes. The effective rate for the six-month period ended June 30, 2024 was impacted by the non-deductibility of certain losses associated with the 2026 Notes Redemptions, which was characterized as a discrete event.