Income Taxes

9 Months Ended

Sep. 30, 2025

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 September 30,		For the Nine Months Ended September 30,
	2024	2025	2024	2025
Controlling interest(1)	$29.5	$68.6	$123.7	$126.9
Non-controlling interests	1.8	3.0	6.3	7.8
Income tax expense	$31.3	$71.6	$130.0	$134.7
Income before income taxes (controlling interest)	$153.1	$281.0	$473.2	$495.9
Effective tax rate (controlling interest)(2)	19.3%	24.4%	26.1%	25.6%

___________________________

(1)For the three months ended September 30, 2024 and 2025, income tax expense (controlling interest) included intangible-

related deferred tax expense of $16.4 million and $14.2 million, respectively. For the nine months ended September 30,

2024 and 2025, income tax expense (controlling interest) included intangible-related deferred tax expense of $50.6 million

and $29.7 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 months ended September 30, 2024 was lower than the

marginal tax rate of 24.5%, primarily due to tax windfalls attributable to share-based compensation. The Company’s effective

tax rate (controlling interest) for the nine months ended September 30, 2024 was higher than the marginal tax rate of 24.5%,

primarily due to an expense to reduce the carrying value of an Affiliate to fair value for which no tax benefit was recorded.

The Company’s effective tax rate (controlling interest) for the three months ended September 30, 2025 was lower than the

marginal tax rate of 24.5%, primarily due to tax windfalls attributable to share-based compensation, partially offset by an

expense attributable to certain equity awards at an Affiliate for which no tax benefit was recorded. The Company’s effective

tax rate (controlling interest) for the nine months ended September 30, 2025 was higher than the marginal tax rate of 24.5%,

primarily due to an expense attributable to certain equity awards at an Affiliate 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.

The Company continues to monitor and evaluate legislative developments related to the Organization for Economic Co-

operation and Development’s Pillar Two directive (“Pillar Two”), which establishes a framework for a global minimum

corporate tax rate of 15%. Several countries in which the Company or its Affiliates operate are adopting legislation to

implement Pillar Two. The Company currently does not expect Pillar Two to have a material impact on its Consolidated

Financial Statements.

On July 4, 2025, An Act to Provide for Reconciliation Pursuant to Title II of the H. Con. Res. 14 (the “Act”) was enacted

into U.S. law, which included certain modifications to federal tax law. The Company continues to evaluate the provisions of

the Act but currently does not expect the Act to have a material impact on its Consolidated Financial Statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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+ Details

AFFILIATED MANAGERS GROUP, INC. 10-Q