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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

												THREE MONTHS ENDED
												MARCH 31
																		2024						2023
Income before income taxes																		$	76.9					$	35.9
Statutory taxes (21%)																		$	16.1					$	7.5
Interim adjustment																		0.2						(0.3)
Permanent adjustments:
Valuation allowance																		5.3						(0.4)
Other																		3.4						1.7
Discrete items																		0.1						0.2
Income tax expense																		$	25.1					$	8.7
Reported income tax rate																		32.6		%				24.2		%

In 2024, the Company’s reported income tax rate for the current year differs from the U.S. federal statutory rate primarily as a result of recording an additional valuation allowance attributable to the capitalization of research and development expenses under current U.S. tax rules.

In 2023, the Company's reported income tax rate assumed that a significant portion of its net operating loss carryforwards would be utilized in 2023 along with the release of the associated valuation allowances. This release was offset by the capitalization of research and development expenses under U.S. tax rules for which a valuation allowance was provided. The net of these items is included in the valuation allowance line in the table above.

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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