XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
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
September 30,		Nine Months Ended
September 30,
 2021202020212020
Provision for income taxes$20.4 $26.6 $75.1 $84.2 
Effective tax rate18.2 %22.6 %19.3 %26.2 %
Income tax expense for the three and nine months ended September 30, 2021 was calculated using 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 release of accruals for uncertain tax positions related to the settlement of the 2017 and 2018 U.S. federal tax years and adjustments in other foreign jurisdictions, and favorable U.S. permanent book-tax differences. These items were partially offset by the unfavorable impact of earnings in foreign jurisdictions with higher tax rates.

The effective tax rate of 18.2% for the three months ended September 30, 2021 was lower than the rate for the three months ended September 30, 2020 primarily due to the release of accruals for uncertain tax positions and favorable U.S. permanent book-tax differences, including the new elective Global Intangible Low Tax Income ("GILTI") high tax exemption rules. These impacts were partially offset by a greater percentage of earnings in higher tax rate jurisdictions.

The effective tax rate of 19.3% for the nine months ended September 30, 2021 was lower than the rate for the nine months ended September 30, 2020 primarily due to the release of accruals for uncertain tax positions and favorable U.S. permanent book-tax differences, including the tax impact from stock-based compensation awards and the new elective GILTI high tax exemption rules. These impacts were partially offset by a greater percentage of earnings in higher tax rate jurisdictions.