Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes (in millions, except percentages)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Income before income taxes	$	1,080.2		$	770.4		$	2,035.2		$	1,493.2
Provision for income taxes	191.4			105.0			$	332.6		190.1
Effective tax rate	17.7		%	13.6		%	16.3		%	12.7		%

    The increase in the effective tax rates in the three and six months ended June 30, 2025, as compared to the same periods in 2024, was primarily due to a decrease in tax benefits attributable to equity-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBB Act") was signed into law in the U.S.. This legislation contains a broad range of tax reform provisions affecting businesses. We are evaluating the full effects of the legislation on our estimated annual effective tax rate and cash tax position. As the legislation was signed into law after the close of our second quarter, such impacts are not included in our operating results for the six months ended June 30, 2025.