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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax (benefit) expense relating to continuing operations of $(47.5) and $26.6 for the three months ended September 30, 2025 and 2024, respectively, represents taxes on both U.S. and foreign earnings at a consolidated effective income tax rate of 26.0% and 26.5%, respectively. Income tax (benefit) expense relating to continuing operations of $(14.1) and $50.9 for the nine months ended September 30, 2025 and 2024, respectively, represents taxes on both U.S. and foreign earnings at a consolidated effective income tax rate of 91.6% and 24.7%, respectively.
The effective income tax rate of 26.0% and 91.6% for the three and nine months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to the U.S. impact of foreign operations, the release of valuation allowances, research and development credits and favorable provision to return true-ups offset by 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.
The effective income tax rates of 26.5% and 24.7% for the three and nine months ended September 30, 2024 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.
Cash paid for taxes during the three months ended September 30, 2025 and 2024 were $34.2 and $12.1, respectively. Cash paid for taxes during the nine months ended September 30, 2025 and 2024 were $86.3 and $66.9, respectively.
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”), which introduced several changes to the U.S. tax code. These include the permanent extension of certain Tax Cuts and Jobs Act provisions, modifications to international tax rules, and immediate expensing of qualified property and research and development expenditures. While the provisions have varying effective dates through 2027, the Company does not expect a material impact on its effective tax rate or consolidated financial statements. The Company will continue to monitor developments as further guidance becomes available.