Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three and nine month periods ended September 30, 2020 and 2019.

	For the Three Month Period Ended September 30,						For the Nine Month Period Ended September 30,
	2020			2019			2020			2019
Income (loss) before income taxes	$	48.1		$	50.3		$	(128.3)		$	162.6
Provision for income taxes	$	18.2		$	9.0		$	55.2		$	29.2
Effective income tax provision rate	37.8		%	17.9		%	(43.0		%)	18.0		%

The increase in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended September 30, 2020 when compared to the same three month period of 2019 is primarily due to a reduction in the pre-tax book income in jurisdictions with lower effective tax rates combined with significant earnings in jurisdictions with higher tax rates.

The increase in the provision for income taxes and decrease in the effective income tax provision rate for the nine month period ended September 30, 2020 when compared to the same nine month period of 2019 is primarily due to a reduction in the pre-tax book income in jurisdictions with lower effective tax rates combined with significant earnings in jurisdictions with higher tax rates. The reduction in pre-tax book income is mainly from the COVID-19 global pandemic, transaction costs associated with the acquisition, and amortization and depreciation expenses associated with the purchase price step up adjustments.