INCOME TAXES

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The effective tax rate for the three months ended March 31, 2023 was 180.9% versus 22.2% for the three months ended March 31, 2022. The effective tax rate for the three months ended March 31, 2023 was higher than the same period in the prior year primarily driven by non-deductible transaction costs associated with the Altra Transaction and withholding taxes resulting from the cash repatriation of foreign earnings.

As of March 31, 2023 and December 31, 2022, the Company had approximately $9.4 million and $5.7 million of unrecognized tax benefits, all of which would impact the effective income tax rate if recognized. Potential interest and penalties related to unrecognized tax benefits are recorded in income tax expense. The Company had approximately $1.2 million and $1.2 million of accrued interest as of March 31, 2023 and December 31, 2022, respectively.