XML 35 R25.htm IDEA: XBRL DOCUMENT v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The income tax provision was $23.4 million for the three-month period ended June 30, 2024, as compared to $27.5 million for the same period in 2023. The decrease in the income tax provision was primarily due to a net tax benefit associated with the impairment on a foreign indefinite-lived intangible asset in 2024 ($6.0 million) and a decrease in 2024 for discrete charges for non-deductible costs for a fund restructuring ($2.5 million), partially offset by an increase in U.S. income tax due to increased U.S. income ($5.2 million). The effective tax rate was 54.9% for the three-month period ended June 30, 2024, as compared to 27.4% for the same period in 2023. The increase in the effective tax rate was primarily the result of a valuation allowance on foreign deferred tax assets and the impairment of a foreign indefinite-lived intangible asset.
The income tax provision was $52.4 million for the six-month period ended June 30, 2024, as compared to $48.6 million for the same period in 2023. The increase in the income tax provision was primarily due to an increase in U.S. income tax due to increased U.S. income ($11.0 million), partially offset by a net tax benefit associated with the impairment on a foreign indefinite-lived intangible asset in 2024 ($6.0 million) and a decrease in 2024 for discrete charges for non-deductible costs for a fund restructuring ($2.5 million). The effective tax rate was 35.8% for the six-month period ended June 30, 2024, as compared to 25.2% for the same period in 2023. The increase in the effective tax rate was primarily the result of a valuation allowance on foreign deferred tax assets and the impairment of a foreign indefinite-lived intangible asset.