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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting,” and ASC Topic 740, “Income Taxes.” At the end of each interim period, we estimate our annual effective tax rate and apply that rate to our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. We recorded an income tax benefit of $19.4 million an d $3.0 million for the three months ended September 30, 2024 and 2023, respectively. As a percentage of pre-tax income, our effective tax rate was 84.3% and (10.8)% for the three months ended September 30, 2024 and 2023, respectively. In the three months ended September 30, 2024, the primary difference between the statutory rate and the effective rate is due to the impact of valuation allowances accrued year-to-date associated with the forecasted mix of jurisdictional earnings, and forecasted U.S. income tax credits for the full year. In the three months ended September 30, 2023, the primary difference between the statutory rate and the effective rate is due to a change in the forecasted earnings. We recorded an income tax benefit of $24.1 million an d $53.0 million for the nine months ended September 30, 2024 and 2023, respectively. As a percentage of pre-tax income, our effective tax rate was (58.9)% and (44.4)% for the nine months ended September 30, 2024 and 2023, respectively. In the nine months ended September 30, 2024, the primary difference between the statutory rate and the effective rate is due to the impact of valuation allowances accrued year-to-date associated with the forecasted mix of jurisdictional earnings, and forecasted U.S. income tax credits for the full year. In the nine months ended September 30, 2023, the primary difference between the statutory rate and the effective rate relates to the release of valuation allowances on our deferred tax assets. As of September 30, 2024, the gross liability for income taxes associated with uncertain tax positions was $30.0 million. Of this amount, $17.2 million would benefit our condensed consolidated financial statements and effective income tax rate if favorably settled. We recognize interest and penalties related to income tax matters in income tax expense.

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