v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser
extent, taxes attributable to the non-controlling interests.
The following table presents the consolidated provision for income taxes:
 
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
 
2025
2026
2025
2026
Controlling interest(1)
$33.6
$66.0
$58.3
$111.6
Non-controlling interests
2.1
4.0
4.8
4.9
Income tax expense
$35.7
$70.0
$63.1
$116.5
Income before income taxes (controlling interest)
$117.9
$251.9
$214.9
$407.9
Effective tax rate (controlling interest)(2)
28.5%
26.2%
27.1%
27.4%
___________________________
(1)For the three months ended June 30, 2025 and 2026, income tax expense (controlling interest) included intangible-related
deferred tax expense of $15.4 million and $14.3 million, respectively.  For the six months ended June 30, 2025 and 2026,
income tax expense (controlling interest) included intangible-related deferred tax expense of $15.5 million and $20.6
million, respectively.
(2)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).
The Company’s effective tax rate (controlling interest) for the three and six months ended June 30, 2025 was higher than
the marginal tax rate of 24.5%, primarily due to an expense attributable to a modification of the terms of certain equity awards
at an Affiliate for which no tax benefit was recorded.  
The Company’s effective tax rate (controlling interest) for the three and six months ended June 30, 2026 was higher than
the marginal tax rate of 24.5%, primarily due to expenses attributable to Affiliate equity awards for which no tax benefit was
recorded.
The Company’s effective tax rate reflects the relative contributions of earnings in the jurisdictions in which the Company
and its Affiliates operate and is impacted by changes in the jurisdictional mix of income before taxes.