Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Note 16 - Income Taxes

The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur.



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Provision for income taxes	$	33.6		$	30.2		$	74.9		$	58.5
Effective tax rate	26.1		%	24.7		%	28.3		%	25.3		%

The income tax expense for the three and six months ended June 30, 2019 was calculated using the forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to the projected mix of earnings in international jurisdictions with relatively higher tax rates and U.S. state and local income taxes. It was further impacted by additional discrete accruals recorded for uncertain tax positions related to the Tax Cuts and Jobs Act of 2017 ("U.S. Tax Reform").

The effective tax rate of 26.1% for the three months ended June 30, 2019 is higher than the three months ended June 30, 2018 primarily due to higher discrete tax benefits recorded in the prior year period.

The effective tax rate of 28.3% for the first six months of 2019 is higher than the first six months of 2018 primarily due to higher discrete tax expense in the current year for uncertain tax positions related to U.S. Tax Reform, as well as the impact of generating a greater percentage of earnings in international jurisdictions with relatively higher tax rates.

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Provision for income taxes	$	33.6		$	30.2		$	74.9		$	58.5
Effective tax rate	26.1		%	24.7		%	28.3		%	25.3		%