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Income Taxes
 6 Months Ended
Jun. 30, 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 June 30,
For the Six Months
Ended June 30,
 
2024
2025
2024
2025
Controlling interest(1)
$40.9
$33.6
$94.2
$58.3
Non-controlling interests
2.4
2.1
4.5
4.8
Income tax expense
$43.3
$35.7
$98.7
$63.1
Income before income taxes (controlling interest)
$116.9
$117.9
$320.0
$214.9
Effective tax rate (controlling interest)(2)
35.0%
28.5%
29.4%
27.1%
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(1)For the three months ended June 30, 2024 and 2025, income tax expense (controlling interest) included intangible-related
deferred tax expense of $17.1 million and $15.4 million, respectively.  For the six months ended June 30, 2024 and 2025,
income tax expense (controlling interest) included intangible-related deferred tax expense of $34.2 million and $15.5
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 and six months ended June 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 (controlling interest) for the three and six months ended June 30, 2025 was higher than
the marginal tax rate of 24.5%, primarily due to an expense attributable to a modification of the terms of certain equity awards
at an Affiliate 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 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.
On July 4, 2025, An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14 (the “Act”) was enacted
into U.S. law, which included certain modifications to federal tax law.  The Company is currently evaluating the provisions of
the Act but does not expect the Act to have a material impact on its Consolidated Financial Statements.