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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
During the year ended December 31, 2023, the Company filed amended U.S. federal income tax returns for the 2015 through 2018 tax years to claim a worthless stock deduction. As of December 31, 2023, the amended tax returns were under examination by the applicable tax authorities and recovery of the refund claim was not considered more-likely-than-not. Accordingly, the aggregate refund claim of $13.6 million, including interest of $1.8 million, was recorded as an income tax receivable as of December 31, 2023, fully offset by a corresponding liability for unrecognized tax benefits.
During the three months ended March 31, 2024, the tax authorities notified the Company that the amended tax returns had been approved, at which point receipt of the refund claim was considered more-likely-than-not. As a result, the Company released the associated liability for unrecognized tax benefits and recognized a $13.0 million discrete tax benefit for the refund claim, net of taxes on the associated interest, during the three months ended March 31, 2024. The associated income tax receivable is recognized within Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets as of March 31, 2024.
Including the aforementioned discrete tax benefit and the recognition of $0.8 million in excess tax benefits associated with stock-based compensation activity, the Company recognized an income tax benefit of $0.7 million during the three months ended March 31, 2024, compared to income tax expense of $7.3 million during the prior-year quarter, with the impact of the discrete tax benefit being partially offset by higher pre-tax income levels. The Company’s effective tax rate for the three months ended March 31, 2024 was a benefit of 1.4%, compared to expense of 21.0% in the prior-year quarter.