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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes At June 30, 2024, the Company had gross uncertain tax benefits of $260.9 million, of which $211.2 million, if recognized, would impact the effective tax rate. The following is a reconciliation of the liability for uncertain tax positions (in millions):
Balance at December 31, 2023 | $ | 233.5 |
Additions for tax positions | 28.8 |
Reductions for tax positions | (1.4) |
Balance at June 30, 2024 | $ | 260.9 |
The additions above primarily reflect the tax positions for foreign tax planning initiatives. The Company recognizes interest and penalties accrued related to uncertain tax positions in income tax expense. The amounts recognized in income tax expense for interest and penalties during the three and six months ended June 30, 2024 and 2023 were not significant. The effective tax rate for the three months ended June 30, 2024 was 19.0%, compared with 18.2% for the three months ended June 30, 2023. The higher effective tax rate in the second quarter of 2024 is primarily due to higher U.S. taxes on foreign sourced earnings compared to the second quarter of 2023.

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