Income Taxes

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022.

	For the Three Month Period Ended September 30,						For the Nine Month Period Ended September 30,
	2023			2022			2023			2022
Income before income taxes	$	273.8		$	173.2		$	723.7		$	496.3
Provision for income taxes	$	60.3		$	30.3		$	168.9		$	104.6
Effective income tax provision rate	22.0		%	17.5		%	23.3		%	21.1		%

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, 2023 when compared to the same three month period of 2022 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.

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, 2023 when compared to the same nine month period of 2022 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 and a change in tax law guidance causing a discrete tax cost in the second quarter.