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Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes 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 June 30, |  | For the Six Months Ended June 30,
| 2022 |  | 2023 |  | 2022 |  | 2023
Controlling interest: |  |  |  |  |  |  |
Current taxes | $ | 25.1 |  |  | $ | 18.7 |  |  | $ | 55.4 |  |  | $ | 49.9 |
Intangible-related deferred taxes | 12.8 |  |  | 15.0 |  |  | 28.5 |  |  | 29.8 |
Other deferred taxes | (2.0) |  |  | (2.1) |  |  | 2.5 |  |  | (5.6) |
Total controlling interest | 35.9 |  |  | 31.6 |  |  | 86.4 |  |  | 74.1 |
Non-controlling interests: |  |  |  |  |  |  |
Current taxes | $ | 2.1 |  |  | $ | 1.2 |  |  | $ | 7.4 |  |  | $ | 3.6 |
Deferred taxes | — |  |  | — |  |  | — |  |  | — |
Total non-controlling interests | 2.1 |  |  | 1.2 |  |  | 7.4 |  |  | 3.6 |
Income tax expense | $ | 38.0 |  |  | $ | 32.8 |  |  | $ | 93.8 |  |  | $ | 77.7 |
Income before income taxes (controlling interest) | $ | 145.3 |  |  | $ | 156.9 |  |  | $ | 341.8 |  |  | $ | 333.9 |
Effective tax rate (controlling interest)(1) | 24.7 | % |  | 20.1 | % |  | 25.3 | % |  | 22.2 | %
___________________________ (1)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest). The Company’s effective tax rate (controlling interest) for the three months ended June 30, 2022 was not meaningfully different than the marginal tax rate of 24.5%. The Company’s effective tax rate (controlling interest) for the six months ended June 30, 2022 was higher than the marginal tax rate, primarily due to a tax expense resulting from non-deductible compensation, partially offset by tax benefits from the reduction of certain valuation allowances on foreign net operating losses. The Company’s effective tax rate (controlling interest) for the three months ended June 30, 2023 was lower than the marginal tax rate of 24.5%, primarily due to tax benefits resulting from a decrease in the Company’s 2022 estimated foreign tax expense. The Company’s effective tax rate (controlling interest) for the six months ended June 30, 2023 was lower than the marginal tax rate due to tax benefits resulting from a decrease in the Company’s 2022 estimated foreign tax expense and tax windfalls attributable to share-based compensation. In August 2022, the Inflation Reduction Act was enacted into law. The relevant provisions of the Inflation Reduction Act for the Company are the 15% corporate alternative minimum income tax and the 1% excise tax on repurchases of the Company’s common stock. These provisions are effective as of January 1, 2023. The Company currently does not expect the Inflation Reduction Act to have a material impact on its Consolidated Financial Statements. The Company records the excise tax as part of the cost basis of its common stock repurchased

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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