Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

During the three and six months ended June 30, 2023, the Company recognized an income tax benefit of approximately $5.5 million and $112.9 million, respectively, due to partial releases of the valuation allowance on our deferred tax assets. These releases were primarily due to entering into a three-year cumulative pre-tax book income position and reflects our increased expectation to utilize these deferred tax assets going forward based on improved operating results and market conditions. Income tax expense for the three and six months ended June 30, 2023 prior to the release of the valuation allowance of $5.5 million and $112.9 million, respectively, was $5.6 million and $12.0 million, respectively, which resulted in net income tax expense of $0.1 million and net income tax benefit of $100.9 million, respectively.

For additional information regarding income taxes, refer to Note (17) Income Taxes of the Company’s audited consolidated financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2022.