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v3.25.1

INCOME TAX | 3 Months Ended
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Mar. 31, 2025
INCOME TAX |
INCOME TAX | NOTE 3. INCOME TAX The following table summarizes tax provision and the effective tax rate for our income from continuing operations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ |  | 2025 |  | 2024 |
​ | ​ | (in millions) | ​
Income from continuing operations, before income tax | ​ | $ | 29.9 | ​ | $ | 7.8 | ​
Income tax provision | ​ | $ | 5.0 | ​ | $ | 1.8 | ​
Effective tax rate | ​ | ​ | 16.7 | % | ​ | 23.1 | %
​ Our effective tax rates differ from the U.S. federal statutory rate of 21% primarily due to the benefit of earnings in foreign jurisdictions which are subject to lower tax rates, as well as tax credits, partially offset by net U.S. tax on foreign operations. The effective tax rate for 2025 was lower than the same period in 2024 primarily due to a more favorable mix of earnings. ​ As of March 31, 2025, certain countries in which the Company operates have implemented or are in the process of implementing the Pillar II minimum global effective tax rate regime as put forth by the Organization for Economic Cooperation and Development (“OECD”). As countries continue to make revisions to their legislation and release additional guidance with respect to the global minimum tax, we continue to determine any potential impact in the countries in which we operate. The impact of these changes may have a material impact on our cash tax expense and tax rate.

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