Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Taxes

Income Taxes

For interim periods, accounting standards require that income tax expense be determined by applying the estimated annual effective income tax rate to year-to-date results, unless this method does not result in a reliable estimate of year-to-date income tax expense. Each period, the income tax accrual is adjusted to the latest estimate and the difference from the previously accrued year-to-date balance is adjusted to the current quarter.

	Nine Months Ended September 30,
	2024			2023
Income (loss) from continuing operations before income taxes	$	(71.8)		$	68.1
Income tax provision (benefit) - continuing operations	(17.4)			16.7
Effective rate	24.3		%	24.5		%
Income from discontinued operations before income taxes	$	68.9		$	51.7
Income tax provision - discontinued operations	17.4			12.9
Effective rate	25.2		%	25.0		%

For the nine months ended September 30, 2024, we recognized an income tax benefit of $17.4 million on loss from continuing operations before taxes of $71.8 million compared to a provision of $16.7 million on income from continuing operations of $68.1 million in the same period in 2023. Our effective tax rate for the nine months ended September 30,

2024 varied from the U.S. federal statutory tax rate of 21.0% primarily due to the effects of changes in state valuation allowances, nondeductible compensation and interest related to uncertain tax provisions offset by federal and state return to provision adjustments. The tax provision has been allocated to discontinued operations based upon a blended federal and state statutory rate.