Income Tax Expense

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

NOTE 14. INCOME TAX EXPENSE

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Earnings from continuing operations before income taxes	$	93.7		$	67.7		$	237.6		$	194.3
Income tax expense		24.2			13.2			60.6			43.2
Effective tax rate		25.8	%		19.5	%		25.5	%		22.2	%

The effective tax rate for the third quarter of 2023 was higher compared to the same period in 2022 primarily due to the benefits recognized from federal and state statute closures in the prior year. The effective tax rate for the first nine months of 2023 was higher compared to the same period in 2022 due primarily to the benefits recognized in the prior year from federal and state statute closures and the prior year reduction in our valuation allowance for capital loss carryforwards.

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.