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Income Taxes
 3 Months Ended
Mar. 31, 2025
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 March 31,
 
2024
2025
Controlling interest(1)
$53.3
$24.7
Non-controlling interests
2.1
2.7
Income tax expense
$55.4
$27.4
Income before income taxes (controlling interest)
$203.1
$97.1
Effective tax rate (controlling interest)(2)
26.2%
25.4%
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(1)For the three months ended March 31, 2024 and 2025, income tax expense (controlling interest) included intangible-related
deferred tax expense of $17.1 million and $0.1 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 March 31, 2024 and 2025 was higher
than the marginal tax rate of 24.5%, primarily due to non-deductible compensation and uncertain tax positions.
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 are adopting legislation to
implement Pillar Two.  The Company currently does not expect Pillar Two to have a material impact on its Consolidated
Financial Statements.