Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents the provision for (benefit from) income taxes for the respective periods:

	Three Months Ended September 30,						Nine Months Ended September 30,
				As Restated						As Restated
(dollars in thousands)	2023			2022			2023			2022
Provision for (benefit from) income taxes	$	22,423		$	(7,710)		$	21,978		$	7,310
Effective tax rate	28.1		%	(13.4		%)	73.6		%	10.9		%

Our effective tax rate for the three months ended September 30, 2023 is higher than the prior year due to the tax benefit recognized in the prior year associated with the reversal of deferred tax liabilities related to the Water Resources and Mineral Services businesses no longer being held for sale and the release of valuation allowances related to the utilization of capital loss carryforwards.

Our effective tax rate for the nine months ended September 30, 2023 was higher than the prior year primarily due to a $49.3 million non-deductible expense associated with the refinancing of a portion of the Company's 2.75% Convertible Notes in the second quarter of 2023, combined with the tax benefits recognized in the prior year for the items noted above, partially offset by non-deductible goodwill associated with the sale of Inliner. See Note 14 for more information regarding the convertible notes.