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INCOME TAX
 6 Months Ended
Jun. 30, 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:

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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2025

    

2024

    

2025

    

2024

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(in millions)

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Income from continuing operations, before income tax

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$

29.3

​

$

18.6

​

$

59.2

​

$

26.3

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Income tax provision

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$

3.8

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$

3.2

​

$

8.8

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$

5.0

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Effective tax rate

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13.0

%

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17.2

%

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14.9

%

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19.0

%

​

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 and the net effect of Pillar II top-up taxes. The effective tax rate for 2025 was lower than the same period in 2024 primarily due to a more favorable mix of earnings.

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As of June 30, 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.

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act, which includes a broad range of elective tax law items available in 2025 and prescribed tax law changes in 2026, was signed into law in the United States. While we continue to assess the potential impact of the OBBB, we currently do not expect the OBBB to have a material impact on our estimated annual effective tax rate in 2025.