Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | INCOME TAXES Income tax benefit was $9.2 million and income tax expense was $1.6 million for the three months ended June 30, 2024 and 2023, respectively. Income tax benefit was $4.4 million and income tax expense was $5.2 million for the six months ended June 30, 2024 and 2023, respectively. The increase in income tax benefit for the three and six months ended June 30, 2024 is primarily attributable to the release of the valuation allowance on certain foreign deferred tax assets, offset by an increase in U.S. income taxes. The Company recorded a discrete tax benefit of $11.1 million related to the release of its valuation allowance against certain foreign deferred tax assets, which are expected to be utilized based on future forecasted income. A valuation allowance must be established for deferred tax assets when it is more likely than not that they will not be realized. As of June 30, 2024, the Company analyzed all available objective evidence, both positive and negative, and believes it is more-likely-than-not that some deferred tax assets will not be realizable. Accordingly, the Company has provided a valuation allowance against its U.S. deferred tax assets.
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