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Income Taxes
 9 Months Ended
Sep. 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 September 30,For the Nine Months Ended September 30,
 2022202320222023
Controlling interest:  
Current taxes$17.9 $87.0 $73.3 $136.9 
Intangible-related deferred taxes12.7 (13.5)41.2 16.4 
Other deferred taxes4.2 2.4 6.6 (3.4)
Total controlling interest34.8 75.9 121.1 149.9 
Non-controlling interests:    
Current taxes$2.0 $1.8 $9.4 $5.5 
Deferred taxes— — — — 
Total non-controlling interests2.0 1.8 9.4 5.5 
Income tax expense $36.8 $77.7 $130.5 $155.4 
Income before income taxes (controlling interest)$147.4 $292.9 $489.1 $626.7 
Effective tax rate (controlling interest)(1)
23.6 %25.9 %24.8 %23.9 %
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(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 September 30, 2022 was lower than the marginal tax rate of 24.5%, primarily due to discrete foreign tax benefits. The Company’s effective tax rate (controlling interest) for the nine months ended September 30, 2022 was not meaningfully different than the marginal tax rate of 24.5%.
The Company’s effective tax rate (controlling interest) for the three months ended September 30, 2023 was higher than the marginal tax rate of 24.5%, primarily due to the increase in the UK corporate tax rate in 2023. The Company’s effective tax rate (controlling interest) for the nine months ended September 30, 2023 was lower than the marginal tax rate primarily due to discrete foreign tax benefits 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 does not currently 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.