Income Taxes

6 Months Ended

Jun. 30, 2021

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 six month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2021			2020			2021			2020
Income (loss) before income taxes	$	151.5		$	(73.5)		$	252.2		$	(181.7)
Provision for income taxes	$	12.5		$	78.4		$	23.1		$	11.5
Effective income tax provision rate	8.3		%	(106.7		%)	9.2		%	(6.3		%)

The decrease in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2021 when compared to the same three month period of 2020 is primarily due to the benefits in 2021 associated with the final settlement on the merger transaction and a restructuring benefit recognized during the second quarter.

The increase in the provision for income taxes and increase in the effective income tax provision rate for the six month period ended June 30, 2021 when compared to the same six month period of 2020 is primarily due to an increase in the pretax book income in jurisdictions with higher effective tax rates combined with decreased earnings in jurisdictions with lower tax rates. This rate increase was mitigated by a reduction of unrecognized tax reserves as a result of the lapse of the limitation on statutes, a benefit associated with the final settlement on the merger transaction, and a restructuring benefit recognized during the second quarter.