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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Benefit (Provision) | Components of income tax benefit (provision) consist of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | (11.2) |  |  | $ | (0.7) |  |  | $ | (0.3) |
State | (3.7) |  |  | (0.4) |  |  | — |
Foreign | (11.0) |  |  | (4.2) |  |  | (2.0) |
Total current income tax benefit (provision) | (25.9) |  |  | (5.3) |  |  | (2.3) |
Deferred |  |  |  |  |
Federal | 252.0 |  |  | 5.5 |  |  | 0.9 |
State | 65.9 |  |  | 2.3 |  |  | 1.0 |
Foreign | 4.1 |  |  | 0.9 |  |  | 0.2 |
Total deferred income tax benefit (provision) | 322.0 |  |  | 8.7 |  |  | 2.1 |
Total income tax benefit (provision) | $ | 296.1 |  |  | $ | 3.4 |  |  | $ | (0.2) |
Schedule of Reconciliation of United States Statutory Income Tax Rate to Effective Income Tax Rate | A reconciliation of the U.S. statutory income tax rate to the Company’s effective income tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Noncontrolling interests/effect of pass-through entities (LLC income (loss)) | 850.0 | % |  | (6.5 | %) |  | (3.3 | %)
State income taxes, net of federal benefit | (250.0 | %) |  | 25.9 | % |  | (13.3 | %)
Permanent items | 106.3 | % |  | 2.1 | % |  | 0.8 | %
Impacts of business combinations | — | % |  | — | % |  | (7.4 | %)
Impacts of Recording Tax Receivable Agreement | 262.5 | % |  | — | % |  | — | %
Change in fair value of contingent consideration | — | % |  | 0.9 | % |  | (11.5 | %)
Foreign rate differential | 450.0 | % |  | 0.4 | % |  | 1.7 | %
Unrecognized tax benefit | — | % |  | — | % |  | 1.0 | %
Change in valuation allowance | 18,100.0 | % |  | (47.4 | %) |  | 9.1 | %
Equity-based compensation | 6.3 | % |  | 0.2 | % |  | 2.3 | %
Research and development tax credits | 93.7 | % |  | — | % |  | — | %
U.S. taxation of worldwide subsidiaries, net of foreign tax credits | (1,137.5 | %) |  | — | % |  | — | %
Other | 4.0 | % |  | 0.6 | % |  | (0.2 | %)
Effective income tax rate | 18,506.3 | % |  | (2.8 | %) |  | 0.2 | %
Schedule of Income before Income Tax, Domestic and Foreign | The following table sets forth the Company’s income (loss) before income taxes for its domestic and foreign operations for the years ended December 31, 2024, 2023, and 2022:
| December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | (61.4) |  |  | $ | 110.0 |  |  | $ | 89.6 |
Foreign | 59.8 |  |  | 9.5 |  |  | (2.7) |
Income (loss) before income taxes | $ | (1.6) |  |  | $ | 119.5 |  |  | $ | 86.9 |
Schedule of Deferred Tax Assets and Liabilities | Details of the Company’s deferred tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Investment in Shift4 Payments, LLC | $ | 465.3 |  |  | $ | 249.4 |
Net operating loss and tax credits carryforward | 84.0 |  |  | 87.6 |
Lease liabilities | 5.5 |  |  | 1.7 |
Equity-based compensation | 8.3 |  |  | 6.3 |
Accrued expenses | 1.9 |  |  | 2.4 |
Other | 19.2 |  |  | 6.4 |
Subtotal | 584.2 |  |  | 353.8 |
Valuation allowance | (137.4) |  |  | (334.1) |
Total deferred tax assets | 446.8 |  |  | 19.7 |
Deferred tax liabilities: |  |  |
Intangible assets | (100.4) |  |  | (38.6) |
Fixed assets | (1.3) |  |  | (2.1) |
Right-of-use assets | (4.9) |  |  | (2.0) |
Other liabilities | (4.0) |  |  | (5.0) |
Total deferred tax liabilities | (110.6) |  |  | (47.7) |
Net deferred tax asset (liability) | $ | 336.2 |  |  | $ | (28.0) |
Schedule of Total Amounts of Unrecognized Tax Benefits | Below is a tabular reconciliation of the total amounts of unrecognized tax benefits:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 4.7 |  |  | $ | 8.0 |  |  | $ | — |
Increase related to current year tax positions | 0.7 |  |  | 0.8 |  |  | 0.9 |
Increase attributable to positions acquired through business combinations | 6.0 |  |  | 0.9 |  |  | 7.1 |
Decrease related to prior year tax positions | (0.2) |  |  | — |  |  | — |
Decrease attributable to measurement period adjustments | — |  |  | (5.0) |  |  |
Decrease attributable to statute of limitation expirations | (0.8) |  |  | — |  |  | — |
Ending balance | $ | 10.4 |  |  | $ | 4.7 |  |  | $ | 8.0 |
Total amount of interest and penalties recognized in the Consolidated Statements of Operations | $ | 0.6 |  |  | $ | 0.7 |  |  | $ | 0.1 |
Total amount of interest and penalties recognized in the Consolidated Balance Sheets | $ | 2.0 |  |  | $ | 1.9 |  |  | $ | 1.8 |
Schedule of Open Tax Years | The Company's open tax years by major taxing jurisdictions are as follows:
Jurisdiction |  | Open Tax Years
United States |  | 2021 - 2024
Israel |  | 2019 - 2024
Lithuania |  | 2020 - 2024
Malta |  | 2019 - 2024
Switzerland |  | 2023 - 2024

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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