Income Taxes

3 Months Ended

Mar. 31, 2020

The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes attributable to the non-controlling interests.

The following table presents the consolidated provision for income taxes:



	For the Three Months Ended March 31,
	2019			2020
Controlling interest:
Current taxes	$	21.1		$	19.3
Intangible-related deferred taxes	(93.8		)	(31.0		)
Other deferred taxes	7.9			11.9
Total controlling interest	(64.8		)	0.2
Non-controlling interests:
Current taxes	$	3.1		$	2.1
Deferred taxes	(0.1		)	(0.1		)
Total non-controlling interests	3.0			2.0
Income tax expense (benefit)	$	(61.8	)	$	2.2
Loss before income taxes (controlling interest)	$	(265.6	)	$	(15.4	)
Effective tax rate (controlling interest)⁽¹⁾	24.4		%	(1.0		)%

___________________________


⁽¹⁾	Taxes attributable to the controlling interest divided by Loss before income taxes (controlling interest).

The Company’s effective tax rate (controlling interest) decreased to (1.0)% for the three months ended March 31, 2020 from 24.4% for the three months ended March 31, 2019, primarily due to a decrease in loss before income taxes (controlling interest), which offset the majority of the Company’s income tax expense.

As of March 31, 2020, the Company had unrecognized tax benefits of $65.2 million, and expects to realize approximately $5 million of these benefits within the next 12 months.