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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The following table shows our effective tax rate for the three and six months ended June 30, 2025 and June 30, 2024:
|  | Three months ended June 30, |  | Six months ended June 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Income before income taxes and equity in investments of unconsolidated entities |  | $ | 116.5 |  |  | $ | 89.5 |  |  | $ | 225.0 |  |  | $ | 176.5 |
Equity in investments of unconsolidated entities |  | (1.2) |  |  | (1.2) |  |  | (3.8) |  |  | (2.7) |
Income before income taxes |  | $ | 115.3 |  |  | $ | 88.3 |  |  | $ | 221.2 |  |  | $ | 173.8 |
Income tax expense |  | $ | 26.3 |  |  | $ | 19.2 |  |  | $ | 53.7 |  |  | $ | 40.5 |
Effective tax rate |  | 22.8 | % |  | 21.7 | % |  | 24.3 | % |  | 23.3 | %
Schedule of Gross Unrecognized Tax Benefits | The table below provides information concerning our gross unrecognized tax benefits as of June 30, 2025 and December 31, 2024, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.
(in millions) |  | As of June 30, 2025 |  | As of December 31, 2024
Gross unrecognized tax benefits |  | $ | 12.3 |  |  | $ | 11.1 |
Gross unrecognized tax benefits that would affect income tax expense |  | $ | 12.3 |  |  | $ | 11.1 |
Decrease in income tax expense upon recognition of gross unrecognized tax benefits |  | $ | 11.9 |  |  | $ | 10.9 |
Schedule of Liabilities for Unrecognized Tax Benefits | Our Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
Liabilities for Unrecognized Tax Benefits (in millions) |  | As of June 30, 2025 |  | As of December 31, 2024
Current liability |  | $ | 0.1 |  |  | $ | 0.1 |
Non-current liability |  | 13.1 |  |  | 11.7 |
Total liability for unrecognized tax benefits |  | $ | 13.2 |  |  | $ | 11.8 |

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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