Income Taxes

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021.

	For the Three Month Period Ended June 30,						For the Six Month Period Ended June 30,
	2022			2021			2022			2021
Income before income taxes	$	180.5		$	151.5		$	323.1		$	252.2
Provision for income taxes	$	41.9		$	12.5		$	74.3		$	23.1
Effective income tax provision rate	23.2		%	8.3		%	23.0		%	9.2		%

The increase in the provision for income taxes and increase in the effective income tax provision rate for the three month period ended June 30, 2022 when compared to the same three month period of 2021 is primarily due to the benefit associated with the final settlement on the Merger, and a restructuring benefit recognized during the second quarter of 2021.

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, 2022 when compared to the same six month period of 2021 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. In addition, in the six month period ended June 30, 2021, there was a reduction of a significant unrecognized tax reserve related to a non-recurring item as a result of the lapse of the limitation on statutes, a benefit associated with the final settlement on the Merger, and a restructuring benefit recognized during the second quarter of 2021.