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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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

									Three Months Ended March 31,
															2023						2022
Effective tax rate															20.9		%				21.6		%

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

			Three Months Ended March 31,
			2023												2022
In millions, except percentages			Before tax			Tax			Effective tax rate % impact						Before tax			Tax			Effective tax rate % impact
Consolidated operations			$	64.1		$	13.4		20.9		%				$	77.6		$	16.8		21.6		%
Discrete items:
Restructuring and other (income) charges, net (1)			3.0			0.7									—			—
Sale of strategic investment (2)			(19.2)			(4.5)									—			—
Other tax only discrete items			—			1.3									—			(0.7)
Total discrete items			(16.2)			(2.5)									—			(0.7)
Consolidated operations, before discrete items			$	47.9		$	10.9								$	77.6		$	16.1
EAETR (3)									22.8		%										20.7		%

_______________

(1) See Note 11 for further information.

(2) See Note 4 for further information.

(3) Increase in EAETR for the three months ended March 31, 2023, as compared to March 31, 2022, is due to an overall change in the mix of forecasted earnings in various tax jurisdictions with varying rates, an increase in the foreign earnings deemed taxable in the U.S., and the corporate tax rate in the UK increasing from 19% to 25% on April 1, 2023.

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- References

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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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