Income Taxes |
9 Months Ended |
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Sep. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company recorded income tax benefit of $12.6 million for the nine months ended September 30, 2024 compared to income tax expense of $9.0 million for the nine months ended September 30, 2023. The Company’s effective tax rates were 6% and 76% for the nine months ended September 30, 2024 and 2023, respectively.
The effective tax rates for the nine months ended September 30, 2024 and 2023 differed from the statutory rate of 21% primarily due to the mix of earnings between the United States and Puerto Rico, changes in the valuation allowance and interest and penalties. Additionally, as a result of the Settlement Agreement with PREPA, during the nine months ended September 30, 2024, the Company reversed $19.9 million in withholding tax accruals related to undistributed earnings from Puerto Rico.
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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