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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Tax Disclosure Income Taxes
The income tax provision includes U.S. federal, state and local, and foreign income taxes and is generally based on the application of a forecasted annual income tax rate applied to the current quarter's year-to-date pre-tax income or loss. In determining the estimated annual effective income tax rate, the Company analyzes various factors, including projections of the Company's annual earnings or losses, taxing jurisdictions in which the earnings or losses will be generated, the impact of state and local income taxes, the Company's ability to use tax credits and net operating loss carryforwards, carrybacks, capital loss carryforwards, and available tax planning alternatives. Discrete items, including the effect of changes in tax laws, tax rates and certain circumstances with respect to valuation allowances or the tax effect of other unusual or nonrecurring transactions or adjustments are reflected in the period in which they occur as an addition to, or reduction from, the income tax provision, rather than included in the estimated annual effective income tax rate. Additionally, the Company's interim effective income tax rate is computed and applied without regard to pre-tax losses where such losses are not expected to generate a current-year tax benefit.

A reconciliation of the U.S. federal statutory rate to the reported income tax rate is as follows:
THREE MONTHS ENDEDSIX MONTHS ENDED
JUNE 30JUNE 30
2025202420252024
Income before income taxes$(13.2) $90.0 $3.6 $166.9 
Statutory taxes (21%)$(2.8)$18.9 $0.7 $35.0 
Interim adjustment3.8 0.2 4.3 0.4 
Permanent adjustments:
Valuation allowance0.2 4.4 4.1 9.7 
Other(0.4)3.8 (0.2)7.2 
Discrete items(0.6)(1.2)(0.6)(1.1)
Income tax expense$0.2 $26.1 $8.3 $51.2 
Reported income tax raten.m.29.0 %n.m.30.7 %
n.m. - not meaningful
During 2025 and 2024, the Company’s reported income tax rate differs from the U.S. federal statutory rate primarily as a result of recording additional valuation allowance attributable to the capitalization of research and development expenses under current U.S. tax rules. In 2025, the reported income tax rate was further impacted by an interim adjustment from pretax losses for which no tax benefit was recognized.