Income Taxes

3 Months Ended

Mar. 31, 2021

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,
	2020			2021
Controlling interest:
Current taxes	$	19.3		$	30.6
Intangible-related deferred taxes	(31.0)			8.9
Other deferred taxes	11.9			8.9
Total controlling interest	0.2			48.4
Non-controlling interests:
Current taxes	$	2.1		$	2.1
Deferred taxes	(0.1)			0.0
Total non-controlling interests	2.0			2.1
Income tax expense	$	2.2		$	50.5
Income (loss) before income taxes (controlling interest)	$	(15.4)		$	198.3
Effective tax rate (controlling interest)(1)	(1.0)		%	24.4		%

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

For the three months ended March 31, 2021, the Company’s effective tax rate (controlling interest) was 24.4% as compared to (1.0)% for the three months ended March 31, 2020. The lower tax rate in 2020 was primarily due to a loss before income taxes attributable to the controlling interest which offset the majority of the Company’s Income tax expense for the three months ended March 31, 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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