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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Taxes |
Income Taxes | 13. Income Taxes Effective Income Tax Rate Our provision for income taxes may not have the customary relationship of taxes to income. A reconciliation between the income tax provision at the U.S. corporate income tax rate and the income tax expense (benefit) at the effective income tax rate was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended June 30, | ​ | For the six months ended June 30, | ​
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024 | ​
​ | ​ | ($ in millions) | ​
Income before income taxes | ​ | $ | 503.1 | ​ | $ | 443.9 | ​ | $ | 532.0 | ​ | $ | 1,071.0 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected tax at the U.S. statutory rate | ​ | $ | 105.6 |  | $ | 93.2 | ​ | $ | 111.7 |  | $ | 224.9 | ​
Tax credits | ​ | ​ | (22.6) | ​ | ​ | (18.7) | ​ | ​ | (52.2) | ​ | ​ | (34.9) | ​
Dividends received deduction | ​ | ​ | (19.8) | ​ | ​ | (18.3) | ​ | ​ | (38.0) | ​ | ​ | (37.7) | ​
Interest exclusion from taxable income | ​ | ​ | (5.7) | ​ | ​ | (6.1) | ​ | ​ | (10.9) | ​ | ​ | (11.9) | ​
Impact of equity method presentation | ​ | ​ | (5.1) | ​ | ​ | (6.4) | ​ | ​ | (10.8) | ​ | ​ | (11.1) | ​
Impact of noncontrolling interest presentation | ​ | ​ | (5.7) | ​ | ​ | (0.8) | ​ | ​ | (8.8) | ​ | ​ | (0.7) | ​
Changes in unrecognized tax benefits – Tax Cuts and Jobs Act of 2017 rate change | ​ | ​ | (5.4) | ​ | ​ | — | ​ | ​ | (5.4) | ​ | ​ | — | ​
Low income housing tax credit amortization | ​ | ​ | 12.2 | ​ | ​ | 10.4 | ​ | ​ | 24.4 | ​ | ​ | 21.0 | ​
Foreign country statutory rate differential | ​ | ​ | 3.4 | ​ | ​ | (0.8) | ​ | ​ | 13.0 | ​ | ​ | (3.2) | ​
State income taxes | ​ | ​ | 9.8 | ​ | ​ | 17.4 | ​ | ​ | 11.7 | ​ | ​ | 22.1 | ​
Valuation allowance | ​ | ​ | 0.7 | ​ | ​ | 13.9 | ​ | ​ | 1.3 | ​ | ​ | 15.4 | ​
Other | ​ | ​ | 2.2 | ​ | ​ | 3.3 | ​ | ​ | (0.4) | ​ | ​ | (1.7) | ​
Income taxes | ​ | $ | 69.6 | ​ | $ | 87.1 | ​ | $ | 35.6 | ​ | $ | 182.2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective income tax rate | ​ | ​ | 14.0 | % | ​ | 20.0 | % | ​ | 7.0 | % | ​ | 17.0 | %
​ Unrecognized Tax Benefits ​ During the second quarter 2025, we recognized a $5.4 million tax benefit upon releasing an unrecognized tax benefit (“UTB”) at the 35% federal rate in force before the Tax Cuts and Jobs Act of 2017 (“TCJA”). The UTB was previously remeasured to the current U.S. tax rate of 21% upon enactment of TCJA. ​ Recent Change in Tax Legislation ​ On July 4, 2025, the United States enacted Public Law 119-21. The accounting consequences of a change in tax law are required to be recognized in the period legislation is enacted. Generally, a company is also required to consider the impact of new tax law on realizability of deferred tax assets (“DTAs”), including determination of whether a change in valuation allowance is necessary. The second quarter 2025 financial statements do not reflect the impacts of Public Law 119-21 because the enactment date does not fall within the reporting period. At this time, a reasonable estimate of the future impacts of the legislation cannot be made. ​ Pillar Two Model Rules ​ We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development, which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its DTAs, including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred.

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