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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rates, including discrete items, were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Effective tax rate (1)			21.3		%				53.3		%				21.6		%				29.8		%

_______________

(1) The decrease in the effective tax rate in the three and nine months ended September 30, 2022 was driven by a one-time legislative tax rate change in 2021.

The below table provides a reconciliation between our reported effective tax rates and the EAETR.

			Three Months Ended September 30,
			2022												2021
In millions, except percentages			Before tax			Tax			Effective tax rate % impact						Before tax			Tax			Effective tax rate % impact
Consolidated operations			$	95.8		$	20.4		21.3		%				$	(9.0)		$	(4.8)		53.3		%
Discrete items:
Legislative tax rate changes (1)			—			—									—			0.1
Litigation verdict charge (2)			—			—									85.0			19.7
Other tax only discrete items			—			(0.3)									—			0.5
Total discrete items			—			(0.3)									85.0			20.3
Consolidated operations, before discrete items			$	95.8		$	20.1								$	76.0		$	15.5
EAETR (3)									21.0		%										20.4		%
			Nine Months Ended September 30,
			2022												2021
In millions, except percentages			Before tax			Tax			Effective tax rate % impact						Before tax			Tax			Effective tax rate % impact
Consolidated operations			$	249.9		$	53.9		21.6		%				$	126.5		$	37.7		29.8		%
Discrete items:
Restructuring and other (income) charges, net			—			—									0.1			—
Legislative tax rate changes (1)			—			—									—			(14.6)
Litigation verdict charge (2)			—			—									85.0			19.7
Other tax only discrete items			—			(1.1)									—			0.7
Total discrete items			—			(1.1)									85.1			5.8
Consolidated operations, before discrete items			$	249.9		$	52.8								$	211.6		$	43.5
EAETR (3)									21.1		%										20.6		%

_______________

(1) Legislative tax rate changes in 2021, enacted in the United Kingdom ("UK"), resulted in discrete tax expense of $14.6 million related to the revaluation of our net deferred tax liability associated with our UK operations. The corporate tax rate in the UK will increase from 19.0% to 25.0% on April 1, 2023.

(2) Refer to Note 14 for additional information.

(3) Increase in EAETR for the three and nine months ended September 30, 2022, as compared to September 30, 2021, is due to an overall change in the mix of forecasted earnings in various tax jurisdictions with varying rates, as well as an increase in foreign earnings deemed taxable in the U.S.

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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