v3.24.2
Income taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income taxes
13.    Income taxes
The following table presents the relationship between income tax expense and income (loss) before income taxes:
(in millions)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Income (loss) before income taxes
$114.6$(1.3)$195.2$154.5
Income tax expense
(21.7)(6.0)(41.9)(40.3)
Effective income tax rate18.9 %(461.5)%21.5 %26.1 %
Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense.
The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions.
The change in the effective tax rate for the three and six months ended June 30, 2024 when compared to the three and six months ended June 30, 2023, is primarily due to an impairment loss against the Company’s investment in its Ritter business that was recorded in the second quarter of 2023, as well as valuation allowances against deferred tax assets not expected to be realized as a result of the impairment.