Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents Income tax expense and the effective tax rate:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
	(Dollars in millions)
Income tax expense	$	60.1		$	53.4		$	172.0		$	153.6
Effective tax rate	24		%	24		%	24		%	24		%

The effective tax rate for each of the periods in the table above was higher than the statutory federal rate of 21%, due to state income taxes and U.S. taxes on foreign earnings, net of foreign tax credits, partially offset by a lower foreign effective tax rate.