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Income Taxes | 6 Months Ended
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Jun. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | Note 6 - Income Taxes The Company's provision for income taxes in interim periods is computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period(s) in which they occur.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 | 2025
Provision for income taxes | $ | 20.7 |  |  | $ | 30.7 |  |  | $ | 57.7 |  | $ | 57.6 |
Effective tax rate | 35.8 | % |  | 26.4 | % |  | 28.7 | % | 24.5 | %
Income tax expense for the three and six months ended June 30, 2026 was calculated using forecasted multi-jurisdictional annual effective tax rates to determine a blended annual effective tax rate. The effective tax rate differs from the U.S. federal statutory rate of 21% due to the actual and projected mix of earnings in non-U.S. jurisdictions with relatively higher tax rates, U.S. state and local income taxes, and other permanent differences (net). The effective tax rate of 35.8% for the three months ended June 30, 2026 was higher than the effective tax rate for the three months ended June 30, 2025 primarily due to limitations in the U.S. foreign-derived intangible income deduction and foreign tax credits as a result of the agreement to sell certain assets of the belts business. The increase was also due to favorable discrete items recognized in the prior-year period related to the reversal of accruals for uncertain tax positions to account for the expiration of the statute of limitations in jurisdictions outside the U.S. These increases were partially offset by the impact of beneficial provisions effective in 2026 from the One Big Beautiful Bill Act (“OBBBA”) and a lower mix of earnings in non-U.S. jurisdictions with relatively higher tax rates. The effective tax rate of 28.7% for the six months ended June 30, 2026 was higher than the effective tax rate for the six months ended June 30, 2025 primarily due to favorable discrete items recognized in the prior-year period related to the reversal of accruals for uncertain tax positions to account for the expiration of the statute of limitations in jurisdictions outside the U.S.

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