Income Tax Expense

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

NOTE 12. INCOME TAX EXPENSE

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
Earnings before income taxes	$	80.0		$	67.2		$	143.9		$	126.6
Income tax expense		19.8			15.0			36.4			30.0
Effective tax rate		24.8	%		22.3	%		25.3	%		23.7	%

The effective tax rates for the second quarter and the first six months of 2023 were higher compared to the same periods in 2022 due primarily to a reduction in our valuation allowance for capital loss carryforwards recorded in the second quarter of 2022.

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 expiration of statutes of limitations, the completion of ongoing examinations, or other unforeseen circumstances.