Income taxes (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of relationship between income tax expense or benefit and income or loss before income taxes

The following table presents the relationship between income tax benefit (expense) and income (loss) before income taxes:


(in millions)	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Income (loss) before income taxes	$	98.0		$	(689.5)		$	234.7		$	(522.1)
Income tax benefit (expense)	105.4			(22.3)			50.1			(60.5)
Effective income tax rate	(107.6)		%	(3.2)		%	(21.3)		%	(11.6)		%

The interim income tax provision or benefit is based upon the estimated income for the full year. The composition of income in different countries and any adjustments recorded in the applicable quarterly periods influence our interim income tax provision or benefit.

The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions.

The change in the effective tax rate for the three and nine months ended September 30, 2026, compared with the three and nine months ended September 30, 2025, was primarily attributable to a discrete tax benefit of approximately $129.1 million recognized in connection with an internal reorganization completed during the third quarter of 2026.