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Income Tax
6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
The Company’s effective income tax rates were (30.1)% and 39.1% for the three and six months ended June 30, 2024, respectively, and 25.7% and 22.7% for the three and six months ended June 30, 2023, respectively. The Company recorded income tax benefit of $0.1 million and income tax expense of $27.3 million for the three and six months ended June 30, 2024, respectively, and income tax expense of $4.2 million and $7.0 million for the three and six months ended June 30, 2023, respectively.
On April 30, 2024, the Internal Revenue Service (the “IRS”) notified the Company that the review of the Company’s 2017 and 2018 federal income tax returns was completed. As a result of the review, the Company’s fixed asset classification and related net operating losses for the respective tax years were adjusted, which resulted in recording $7.2 million in uncertain tax positions (“UTP”) with an additional $0.9 million of UTP payable related to interest as of June 30, 2024. The Company anticipates that it will update its historical filings with the IRS such that no UTP will remain by December 31, 2024.