Income Taxes

9 Months Ended

Sep. 30, 2024

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, 2024 and 2023.

	For the Three Month Period Ended September 30,						For the Nine Month Period Ended September 30,
	2024			2023			2024			2023
Income before income taxes	$	302.0		$	273.8		$	807.7		$	723.7
Provision for income taxes	$	73.8		$	60.3		$	174.3		$	168.9
Effective income tax provision rate	24.4		%	22.0		%	21.6		%	23.3		%

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, 2024 when compared to the same three month period of 2023 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 lower benefit from a windfall tax deduction in the 2024 period compared to the 2023 period.

The increase in the provision for income taxes for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to an increase in the pretax book income. The decrease in the effective income tax provision rate for the nine month period ended September 30, 2024 when compared to the same nine month period of 2023 is primarily due to a decrease in the pretax book income in jurisdictions with higher effective tax rates combined with increased earnings in jurisdictions with lower tax rates and a benefit from a windfall tax deduction.