Income Taxes

9 Months Ended

Sep. 30, 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 September 30,						For the Nine Months Ended September 30,
	2019			2020			2019			2020
Controlling interest:
Current taxes	$	24.7		$	4.4		$	73.7		$	25.0
Intangible-related deferred taxes	3.5			27.0			(83.6)			(7.1)
Other deferred taxes	0.1			1.1			6.8			15.8
Total controlling interest	28.3			32.5			(3.1)			33.7
Non-controlling interests:
Current taxes	$	2.3		$	3.1		$	7.7		$	7.4
Deferred taxes	(0.1)			1.9			(0.2)			1.9
Total non-controlling interests	2.2			5.0			7.5			9.3
Income tax expense	$	30.5		$	37.5		$	4.4		$	43.0
Income (loss) before income taxes (controlling interest)	$	114.6		$	103.8		$	(9.9)		$	120.0
Effective tax rate (controlling interests)(1)	24.7		%	31.3		%	31.5		%	28.1		%

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

The Company’s effective tax rate (controlling interest) increased to 31.3% for the three months ended September 30, 2020, primarily due to an $8.1 million deferred tax expense resulting from the revaluation of certain of the Company’s deferred tax liabilities due to an increase in the UK tax rate during the period.

The Company’s effective tax rate (controlling interest) decreased to 28.1% for the nine months ended September 30, 2020, primarily due to a $129.9 million increase in Income before income taxes (controlling interest) and state and foreign income tax accruals in the nine months ended September 30, 2019 that did not recur in 2020

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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