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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax Domestic and Foreign Current and Deferred Portions of Income Tax Benefits | The domestic and foreign components of (loss) before provision for income taxes and the provision for income taxes were as follows (in millions):
| Successor
| From October 20, 2021 through December 31, 2021
United States | $ | (26.8) |
Foreign | (3.0) |
Net loss before benefit from income taxes | $ | (29.8) |
Income tax provision (benefit): |
Current: |
Federal | $ | — |
State and local | 0.8 |
Foreign | 3.8 |
Total current provision | $ | 4.6 |
Deferred: |
Federal | $ | (5.4) |
State and local | (1.2) |
Foreign | (4.8) |
Total deferred benefit | $ | (11.4) |
Total benefit from income taxes | $ | (6.8) |
|  |  | Predecessor
|  |  | From July 1, 2021 through October 19, 2021 |  | Fiscal Year Ended June 30, 2021 |  | Fiscal Year Ended June 30, 2020 |  | Fiscal Year Ended June 30, 2019
United Kingdom |  |  | $ | (41.2) |  |  | $ | (125.3) |  |  | $ | (118.2) |  |  | $ | (96.3) |
United States |  |  | (61.2) |  | (53.8) |  | (24.5) |  | (42.0)
Other foreign |  |  | (8.9) |  | 14.8 |  | 18.1 |  | 12.1
Net loss before benefit from income taxes |  |  | $ | (111.3) |  |  | $ | (164.3) |  |  | $ | (124.6) |  |  | $ | (126.2) |
Income tax provision (benefit): |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
United Kingdom |  |  | 0.1 |  | 0.3 |  | 0.6 |  | 1.1
United States |  |  | 1.4 |  | 2.4 |  | (6.2) |  | 1.9
Other foreign |  |  | 2.0 |  | 9.4 |  | 16.1 |  | 9.6
Total current provision |  |  | $ | 3.5 |  |  | $ | 12.1 |  |  | $ | 10.5 |  |  | $ | 12.6 |
Deferred: |  |  |  |  |  |  |  |  |
United Kingdom |  |  | — |  | — |  | (0.4) |  | (0.3)
United States |  |  | (7.0) |  | (15.5) |  | 1.3 |  | (7.2)
Other foreign |  |  | (2.1) |  | (2.5) |  | (16.9) |  | (9.3)
Total deferred benefit |  |  | $ | (9.1) |  |  | $ | (18.0) |  |  | $ | (16.0) |  |  | $ | (16.8) |
Total benefit from income taxes |  |  | $ | (5.6) |  |  | $ | (5.9) |  |  | $ | (5.5) |  |  | $ | (4.2) |
Schedule of Effective Income Tax Rate Reconciliation | The provision (benefit) for income taxes differs from the amount computed by applying the U.S. Federal statutory income tax rate to loss before provision for income taxes as follows:
| Successor
| From October 20, 2021 through December 31, 2021
Income tax at U.S. Federal statutory rate | 21 | %
State and local taxes, net of federal impact | 2 | %
Foreign tax rate differential | — | %
Change in valuation allowance | 3 | %
Stock-based compensation expense | (4) | %
Warrant liability change in fair value | 1 | %
Other | — | %
Total effective income tax rate | 23 | %
The provision (benefit) for income taxes differs from the amount computed by applying the U.K. statutory income tax rate to loss before provision for income taxes as follows:
|  |  | Predecessor
|  |  | From July 1, 2021 through October 19, 2021 |  | Fiscal Year Ended June 30, 2021 |  | Fiscal Year Ended June 30, 2020 |  | Fiscal Year Ended June 30, 2019
Income tax at U.K. statutory rate |  |  | 19 | % |  | 19 | % |  | 19 | % |  | 19 | %
Subpart F & GILTI |  |  | — | % |  | (1) | % |  | (2) | % |  | (4) | %
Foreign taxes, including U.S. |  |  | 1 | % |  | (1) | % |  | 1 | % |  | 3 | %
Transaction costs |  |  | (3) | % |  | — | % |  | — | % |  | — | %
Change in valuation allowance |  |  | (2) | % |  | 4 | % |  | (8) | % |  | 1 | %
Unrecognized tax benefits |  |  | (1) | % |  | (1) | % |  | 11 | % |  | — | %
Nondeductible interest expense |  |  | (7) | % |  | (14) | % |  | (17) | % |  | (14) | %
Stock-based compensation expense |  |  | (2) | % |  | — | % |  | — | % |  | — | %
Other |  |  | — | % |  | — | % |  | — | % |  | (2) | %
Total effective income tax rate |  |  | 5 | % |  | 4 | % |  | 4 | % |  | 3 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s net deferred tax assets and liabilities consist of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | June 30, 2021 |  | June 30, 2020
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards | $ | 24.5 |  |  |  | $ | 29.2 |  |  | $ | 29.2 |
Federal and state credit carryforwards | 13.9 |  |  | 14.3 |  | 16.4
Property, plant and equipment | 0.6 |  |  | 0.6 |  | 2.6
Deferred and other revenue differences | 8.6 |  |  | 4.0 |  | —
Interest carryforwards | 12.1 |  |  | 11.2 |  | 4.9
Other reserves and accrued expenses | 15.4 |  |  | 15.0 |  | 9.0
Lease liabilities | 12.5 |  |  | — |  | —
Other assets | 2.2 |  |  | 3.7 |  | 4.7
Total deferred tax assets | 89.8 |  |  | 78.0 |  | 66.8
Less: valuation allowance | (20.7) |  |  | (29.1) |  | (29.0)
| $ | 69.1 |  |  |  | $ | 48.9 |  |  | $ | 37.8 |
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | June 30, 2021 |  | June 30, 2020
Deferred tax liabilities: |  |  |  |  |  |
Purchased technologies and other intangibles | $ | (192.1) |  |  |  | $ | (75.0) |  |  | $ | (58.2) |
Deferred and other revenue differences | (7.5) |  |  | (8.1) |  | (0.8)
Property, plant and equipment | (11.9) |  |  | (3.9) |  | (3.0)
Lease right of use assets | (11.4) |  |  | — |  | —
Other liabilities | (1.4) |  |  | (1.8) |  | (4.1)
Total deferred tax liabilities | (224.3) |  |  | (88.8) |  | (66.1)
Net deferred tax liabilities | $ | (155.2) |  |  |  | $ | (39.9) |  |  | $ | (28.3) |
Summary of Valuation Allowance |
| Successor |  |  | Predecessor
| From October 20, 2021 through December 31, 2021 |  |  | From July 1, 2021 through October 19, 2021 |  | Fiscal Year Ended June 30, 2021 |  | Fiscal Year Ended June 30, 2020
Valuation allowance balance – beginning of period | $ | 1.0 |  |  |  | $ | 29.1 |  |  | $ | 29.0 |  |  | $ | 18.7 |
Increases/(decreases) resulting from the Mirion Business Combination | 19.7 |  |  | — |  |  | — |  |  | — |
Increases resulting from other business combinations | — |  |  |  | — |  |  | 0.5 |  | 0.3
Other increases | — |  |  |  | 1.6 |  | 8.6 |  | 10.0
Other decreases | $ | — |  |  |  | $ | — |  |  | $ | (9.0) |  |  | $ | — |
Valuation allowance balance – end of period | $ | 20.7 |  |  |  | $ | 30.7 |  |  | $ | 29.1 |  |  | $ | 29.0 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):
| Successor |  |  | Predecessor
| From October 20, 2021 through December 31, 2021 |  |  | From July 1, 2021 through October 19, 2021 |  | Fiscal Year Ended June 30, 2021 |  | Fiscal Year Ended June 30, 2020
Balance, beginning of period | $ | — |  |  |  | $ | 5.0 |  |  | $ | 0.8 |  |  | $ | 13.9 |
Increases resulting from the Mirion Business Combination | 6.5 |  |  | — |  | — |  | —
Current year additions to positions | 0.1 |  |  | 1.5 |  | 2.6 |  | —
Additions from other business combinations | 0.2 |  |  | — |  | 1.7 |  | —
Lapse of applicable statute of limitations | — |  |  | — |  | (0.1) |  | (13.1)
Reductions to prior year positions | (0.2) |  |  | — |  | — |  | —
Foreign currency translation adjustments | — |  |  | — |  | — |  | —
Balance, end of period | $ | 6.6 |  |  |  | $ | 6.5 |  |  | $ | 5.0 |  |  | $ | 0.8 |
Schedule of Open Tax Years by Major Jurisdictions | In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes open tax years by major tax jurisdictions as of December 31, 2021:
| Years Open
Jurisdiction: |
Canada | 2015 – 2021
France | 2019 – 2021
Germany | 2016 – 2021
United Kingdom | 2016 – 2021
United States—Federal | 2016 – 2021
United States—State | 2004 – 2021

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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