Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The income tax provision is calculated using an estimated annual effective tax rate, based upon estimates of annual income, permanent items, statutory tax rates and planned tax strategies in the various jurisdictions in which we operate except that certain loss jurisdictions and discrete items, such as the resolution of uncertain tax positions and stock-based accounting income tax benefits, are treated separately.

	First Quarter
(Dollars in millions)	2024		2023
Provision (benefit) for income taxes	$	46.4	$	44.9
Discrete event expense (benefit):
Stock-based accounting	$	(5.3)	$	(5.9)
Uncertain tax position reserves (primarily acquisition related)	0.3		0.3
Other discrete event expense (benefit)	0.6		(0.9)
Discrete event expense (benefit):	$	(4.4)	$	(6.5)
Provision (benefit) for income taxes without discrete event expense (benefit)	$	50.8	$	51.4
Income (loss) before income taxes	$	225.5	$	223.7
Effective tax rate	20.6%		20.1%
Effective tax rate without discrete events	22.5%		23.0%