Quarterly report pursuant to Section 13 or 15(d)

Income Tax Benefit

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Income Tax Benefit
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Tax Benefit

13.   Income Tax Benefit

For the three and six months ended June 30, 2020, we had an income tax benefit of $9.1 million and $15.3 million, respectively. For the three and six months ended June 30, 2019, we had income tax expense of $6.1 million and an income tax benefit of $27.7 million, respectively.

For the three and six months ended June 30, 2020, the tax benefit is due to operating losses and the reversal of a valuation allowance. During 2018, we implemented certain tax restructuring strategies that created our ability to utilize the net operating loss carryforwards of Prestige, for which we had previously provided a full valuation allowance. As a result, we recorded a tax benefit of $35.7 million in connection with the reversal of substantially all of the valuation allowance in March 2019.