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Income Tax | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax The following table includes the Company’s effective income tax rate calculations for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except for tax rate) |  | 2024 |  | 2023 |  | 2024 |  | 2023
(Loss) income before income tax benefit (provision) |  | $ | (1,231) |  | $ | 308,403 |  | $ | 68,704 |  | $ | 339,347
Income tax benefit (provision) |  | 6,398 |  | (67,187) |  | (20,951) |  | (74,219)
Effective tax rate |  | 519.7 | % |  | 21.8 | % |  | 30.5 | % |  | 21.9 | %
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 and the Company recorded uncertain tax positions (“UTP”) payable until the historical filings were amended and submitted to the IRS. The Company filed the amended tax returns with the IRS such that no UTP remained as of September 30, 2024. As a result, the Company’s income tax benefit (provision) for the three and nine months ended September 30, 2024 included a net tax benefit from the decrease in UTP payable, interest and penalties.

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