Income Taxes

9 Months Ended

Sep. 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 nine month periods ended September 30, 2021 and 2020.

	For the Three Month Period Ended September 30,						For the Nine Month Period Ended September 30,
	2021			2020			2021			2020
Income (loss) before income taxes	$	135.9		$	42.8		$	388.1		$	(138.9)
Provision for income taxes	$	2.7		$	12.8		$	25.8		$	24.3
Effective income tax provision rate	2.0		%	29.9		%	6.6		%	(17.5		%)

The decrease in the provision for income taxes and decrease in the effective income tax provision rate for the three month period ended September 30, 2021 when compared to the same three month period of 2020 is primarily due to the benefits associated with the windfall tax deduction and foreign tax credits recognized during the third quarter of 2021.

The increase in the provision for income taxes and increase in the effective income tax provision rate for the nine month period ended September 30, 2021 when compared to the same nine 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 the windfall tax deduction and foreign tax credits recognized during the third quarter of 2021.