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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company’s provision for income taxes is based upon estimated annual tax rates for the year applied to federal income as well as state and foreign income in various jurisdictions, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. The provision for income taxes and the effective tax rates for the periods presented were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes | $ | 170.5 |  |  | $ | 154.4 |  |  | $ | 464.9 |  |  | $ | 488.1 |
Provision for income taxes | 42.8 |  |  | 35.5 |  |  | 110.7 |  |  | 106.7 |
Effective tax rate | 25.1 | % |  | 22.9 | % |  | 23.8 | % |  | 21.9 | %
The effective tax rate for the three and nine months ended September 30, 2025 reflects the impact of the current period enactment of the One, Big, Beautiful Bill Act (the “OBBBA”). The enacted tax legislation had an unfavorable impact on the foreign derived intangible income deduction primarily due to the recovery of previously capitalized unamortized research expenditures. The nine months ended September 30, 2025 also reflects a discrete tax benefit related to the finalization of a prior year preferential rate with taxing authorities in a foreign jurisdiction. This discrete tax benefit was partially offset by the impact of state tax law changes enacted in June 2025, foreign tax differentials related to increased tax rates and the mix of earnings in higher tax rate jurisdictions. The effective tax rate for the three months ended September 30, 2024 had no material discrete tax items impacting the effective tax rate. The effective tax rate for the nine months ended September 30, 2024 benefited from the finalization of prior years’ research and development tax incentives with taxing authorities in a foreign jurisdiction. The OBBBA was signed into law on July 4, 2025. Key income tax related provisions of the OBBBA expected to impact the Company include the repeal of mandatory capitalization of research and development expenditures under Internal Revenue Code Section 174, extension of bonus depreciation, and revisions to international tax regimes. The Company has reflected the OBBBA legislation enacted in the current quarter and estimated an immaterial impact on the Company’s Consolidated Financial Statements. The Company will continue to evaluate the impacts of the OBBBA as more guidance becomes available.

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