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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

												THREE MONTHS ENDED
												MARCH 31
																		2023						2022
Income (loss) before income taxes																		$	35.9					$	(21.3)
Statutory taxes (21%)																		$	7.5					$	(4.5)
Interim adjustment																		(0.3)						(2.4)
Permanent adjustments:
Valuation allowance																		(0.4)						10.9
Other																		1.7						(0.3)
Discrete items																		0.2						(0.8)
Income tax expense																		$	8.7					$	2.9
Reported income tax rate																		24.2		%				(13.6)		%

The Company's estimated annual effective income tax rate assumes that a significant portion of its net operating loss carryforwards will be utilized in 2023 and the release of the valuation allowance associated with the asset. This will be more than offset by the capitalization of research and development expenses under current U.S. tax rules for which a valuation allowance will be provided. The net of these items is included in the valuation allowance line in the table above. The Company's reported income tax rate in the prior year differed from the U.S. federal statutory tax rate primarily as a result of recording additional valuation allowances and an interim adjustment resulting from pretax losses for which no tax benefit was recognized.

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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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