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Income Taxes
 9 Months Ended
Sep. 30, 2024
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,
 
2023
2024
2023
2024
Controlling interest(1)
$75.9
$29.5
$149.9
$123.7
Non-controlling interests
1.8
1.8
5.5
6.3
Income tax expense
$77.7
$31.3
$155.4
$130.0
Income before income taxes (controlling interest)
$292.9
$153.1
$626.7
$473.2
Effective tax rate (controlling interest)(2)
25.9%
19.3%
23.9%
26.1%
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(1)For the three months ended September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-
related deferred tax (benefit) expense of $(13.5) million and $16.4 million, respectively.  For the nine months ended
September 30, 2023 and 2024, income tax expense (controlling interest) included intangible-related deferred tax expense of
$16.4 million and $50.6 million, respectively.
(2)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, 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.
The Company’s effective tax rate (controlling interest) for the three months ended September 30, 2024 was lower than the
marginal tax rate of 24.5%, primarily due to tax windfalls attributable to share-based compensation.  The Company’s effective
tax rate (controlling interest) for the nine months ended September 30, 2024 was higher than the marginal tax rate of 24.5%,
primarily due to an expense to reduce the carrying value of an Affiliate to fair value for which no tax benefit was recorded.
The Company’s effective tax rate reflects the relative contributions of earnings in the jurisdictions in which the Company
and its Affiliates operate and is impacted by changes in the jurisdictional mix of income before taxes.
The Company continues to monitor and evaluate legislative developments related to the Organization for Economic Co-
operation and Development’s Pillar Two directive (“Pillar Two”), which establishes a framework for a global minimum
corporate tax rate of 15%.  Several countries in which the Company or its Affiliates operate have adopted legislation to
implement Pillar Two and several others are expected to enact similar rules in the future.  The Company currently does not
expect Pillar Two to have a material impact on its Consolidated Financial Statements.