Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 16. Income Taxes Our provision for income taxes in interim periods has historically been based on our estimated annual effective tax rate. We record cumulative adjustments in the quarter in which a change in the estimated annual effective rate is determined. In the first quarter of 2024, it is the Company’s judgement that the estimated annual effective tax rate did not result in a reliable estimate, so an estimate was determined using year to date results. The income tax expense was $5.9 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. Our effective income tax rate was 56.9% and 1.5% for the three months ended March 31, 2024 and 2023, respectively. The difference in income tax rate for the three months ended March 31, 2024 as compared to the corresponding period in 2023 was driven primarily by an increase in U.S. federal and state income taxes and discrete items, including the sale of North American Fitness during the three months ended March 31, 2024.
|