Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax expense for the three months ended June 30, 2019 and June 30, 2018 was $117.5 million and $116.8 million, representing an effective tax rate of 23.2% and 23.0%, respectively. For the three months ended June 30, 2019, the provision for income taxes included a $7.5 million adjustment related to the calculation of the Corporation’s U.S. foreign income tax credit with respect to the foreign income tax liabilities of its non-U.S. branches as well as income tax benefits as a result of certain organizational restructuring.

Income tax expense for the six months ended June 30, 2019 and June 30, 2018 was $222.6 million and $218.9 million, representing an effective tax rate of 23.2% and 22.1%, respectively. For the six months ended June 30, 2019, the provision for income taxes included a $12.5 million adjustment related to the calculation of the Corporation’s U.S. foreign income tax credit with respect to the foreign income tax liabilities of its non-U.S. branches. For the six months ended June 30, 2018, the provision for income taxes included a $22.6 million benefit resulting from a change in accounting method regarding the timing of tax deductions for software development related expenses, partially offset by a $15.8 million net provision representing adjustments to the initial estimated impact of the TCJA enacted in the fourth quarter of 2017.