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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes At September 30, 2024, the Company had gross uncertain tax benefits of $271.5 million, of which $205.6 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 | 40.0 |
Reductions for tax positions | (2.0) |
Balance at September 30, 2024 | $ | 271.5 |
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 nine months ended September 30, 2024 and 2023 were not significant. The effective tax rate for the three months ended September 30, 2024 was 18.8%, compared with 17.7% for the three months ended September 30, 2023. The higher tax rate in the third quarter of 2024 primarily reflects higher year over year tax cost on foreign sourced income.

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