Income Tax Expense

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Earnings (loss) from continuing operations before income taxes	$	67.4		$	69.4		$	191.4		$	(169.8	)
Income tax expense (benefit)		16.6			15.2			48.0			(50.9	)
Effective tax rate		24.6	%		21.9	%		25.1	%		30.0	%

The effective tax rate for the third quarter of 2021 was higher compared to the same period in 2020, due primarily to the absence of a benefit related to the sale of our idled Mineral Fiber plant in China recognized in 2020. Excluding the impact of a pension settlement loss and the gain on sale of our idled Mineral Fiber plant in China recorded in the first nine months of 2020, the effective tax rate for the first nine months of 2021 was higher compared to the same period in 2020 due to state law changes enacted in 2021 and a reduction in favorable permanent adjustments.

It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. However, an estimate of the range of reasonably possible outcomes cannot be reliably made at this time. Changes to unrecognized tax benefits could result from the completion of ongoing examinations, the expiration of statutes of limitations or other unforeseen circumstances.