Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

The Company's effective tax rate before remeasurement for the nine months ended September 30, 2021 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance. The Company’s income tax benefit of $3.7 million and $0.1 million for the three months ended September 30, 2021 and 2020, respectively, included a tax benefit of $1.1 million and a tax provision of $1.1 million, respectively, related to the remeasurement of foreign income tax accounts. The Company’s income tax benefit of $10.3 million and income tax provision of $2.7 million for the nine months ended September 30, 2021 and 2020, respectively, included a tax benefit of $1.6 million and a tax provision of $0.4 million, respectively, related to the remeasurement of foreign income tax accounts.

As described in Note 11. “Long-term Debt,” the Company completed the Refinancing Transactions (as defined below), which included a senior notes exchange and related consent solicitation, a revolving credit facility exchange and various amendments to existing debt agreements. Generally, absent an exception, for U.S. tax purposes a debtor recognizes cancellation of debt income (CODI) upon discharge of its outstanding indebtedness for an amount of consideration less than the adjusted issue price of such indebtedness. The Company recognized CODI from the Refinancing Transactions of approximately $60 million, and the income will be offset by the Company’s operating losses.