Income Tax Expense

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2024			2023			2024			2023
Earnings before income taxes	$	87.1		$	80.0		$	167.3		$	143.9
Income tax expense		21.2			19.8			41.5			36.4
Effective tax rate		24.3	%		24.8	%		24.8	%		25.3	%

The effective tax rate for the second quarter and first six months of 2024 was lower compared to the same periods in 2023 due primarily to increased excess tax benefits from stock-based compensation deductions.

It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the expiration of statutes of limitations, the completion of ongoing examinations, or other unforeseen circumstances.