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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense relating to continuing operations of $26.6 and $0.1 for the three months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 26.5% and 1.0%, respectively. Income tax expense (benefit) relating to continuing operations of $50.9 and $(4.2) for the nine months ended September 30, 2024 and 2023, respectively, represents taxes on both U.S. and foreign earnings at a combined effective income tax rate of 24.7% and 840.0%, respectively. The effective income tax rates of 26.5% and 24.7% for the three and nine months ended September 30, 2024, respectively, differed from the U.S. federal statutory rate of 21% primarily due to income earned by certain of our foreign entities being taxed at higher rates than the U.S. federal statutory rate and withholding taxes on foreign earnings not permanently reinvested offset by the U.S. impact of foreign operations and research and development credits. The effective income tax rates of 1.0% and 840.0% for the three and nine months ended September 30, 2023, respectively, differed from the U.S. federal statutory rate of 21% primarily due to income earned by our certain foreign entities being taxed at higher rates than the U.S. federal statutory rate, the U.S. taxation of international operations with the expanded global footprint and transaction costs from the Howden Acquisition offset by research and development credits and excess tax benefits associated with share-based compensation.

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