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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Note 13 – Income Taxes

The Company recorded income tax expense of $0.5 million, a 15.0% effective tax rate for the three months ended June 30, 2023. Income tax benefit of $3.6 million, a 43.4% effective tax rate was recorded for the three months ended June 30, 2022. The effective tax rate for the three months ended June 30, 2023 was lower than the U.S. statutory rate primarily due to the release of a reserve for an uncertain tax benefit during the quarter. The effective tax rate for the three months ended June 30, 2022 was higher than the U.S. statutory rate primarily due to state taxes, transaction costs, and other permanent items.

The Company recorded income tax expense of $2.6 million, a 22.9% effective tax rate for the six months ended June 30, 2023. Income tax benefit of $4.6 million, a 38.6% effective tax rate was recorded for the six months ended June 30, 2022. The effective tax rate for the six months ended June 30, 2023 was slightly higher than the U.S. statutory rate primarily due to state taxes, foreign operations, and other permanent items, offset by the release of a reserve for an uncertain tax benefit during the second quarter. The effective tax rate for the six months ended June 30, 2022 was higher than the U.S. statutory rate primarily due to state taxes, transaction costs, and other permanent items.

Relative to the U.S. statutory rate, the effective tax rate for the six months ended June 30, 2023 was impacted by state taxes, foreign income and other permanent items, offset by the release of a reserve for an uncertain tax benefit during the second quarter.

The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of multiple state and foreign jurisdictions. As of June 30, 2023, the Company is subject to U.S. federal income tax examinations for the years 2019 through 2021 and income tax examinations from various other jurisdictions for the years 2016 through 2022.
Earnings from the Company’s foreign subsidiaries are considered to be indefinitely reinvested. A distribution of these non-U.S. earnings in the form of dividends or otherwise may subject the Company to foreign withholding taxes and U.S. federal and state taxes.