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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of income before income taxes domestic and foreign |
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Income before taxes: |  |  |  |  |  |
United States |  | $ | 7.0 |  |  | $ | (12.5 | ) |  | $ | (4.8 | )
Foreign |  | 393.4 |  |  | 335.1 |  |  | 140.4 |
Total income before income taxes |  | $ | 400.4 |  |  | $ | 322.6 |  |  | $ | 135.6 |
Schedule of components of income tax expense (benefit) |
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Current tax expense (benefit): |  |  |  |  |  |
U.S. |  | $ | 5.1 |  |  | $ | 3.9 |  |  | $ | 2.8 |
Foreign |  | 102.9 |  |  | 80.3 |  |  | 59.9 |
Total current |  | 108.0 |  |  | 84.2 |  |  | 62.7 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |
U.S. |  | 12.2 |  |  | (7.3 | ) |  | 12.3 |
Foreign |  | 0.7 |  |  | 15.0 |  |  | (9.9 | )
Total deferred |  | 12.9 |  |  | 7.7 |  |  | 2.4 |
Total tax expense |  | $ | 120.9 |  |  | $ | 91.9 |  |  | $ | 65.1 |
Schedule of effective income tax rate reconciliation |
|  | Year Ended December 31,
(dollar amounts in millions) |  | 2023 |  | 2022 |  | 2021
U.S. federal income tax expense at applicable statutory rate |  | $ | 84.1 |  |  | $ | 67.7 |  |  | $ | 28.5 |
Tax effect of: |  |  |  |  |  |  |  |  |
State income tax expense at statutory rates, net of U.S. federal income tax |  | 3.7 |  |  | 3.7 |  |  | 1.5 |
Non-deductible expenses |  | 2.9 |  |  | 1.7 |  |  | 0.5 |
Share-based compensation |  | 4.0 |  |  | 1.9 |  |  | (3.5 | )
Other permanent differences |  | 0.9 |  |  | (0.2 | ) |  | (2.0 | )
Difference between U.S. federal and foreign tax rates |  | 16.7 |  |  | 13.9 |  |  | 7.4 |
Provision in excess of statutory rates |  | 8.3 |  |  | 3.6 |  |  | 2.9 |
Change in federal and foreign valuation allowance |  | 2.7 |  |  | (7.7 | ) |  | 26.7 |
GILTI, net of tax credits |  | 5.9 |  |  | 9.8 |  |  | 3.9 |
Tax credits |  | (9.2 | ) |  | (0.7 | ) |  | (1.1 | )
Other |  | 0.9 |  |  | (1.8 | ) |  | 0.3 |
Total income tax expense |  | $ | 120.9 |  |  | $ | 91.9 |  |  | $ | 65.1 |
Effective tax rate |  | 30.19 | % |  | 28.47 | % |  | 48.00 | %
Schedule of deferred tax assets and liabilities |
|  | As of December 31,
(in millions) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Tax loss carryforwards |  | $ | 59.3 |  |  | $ | 64.9 |
Share-based compensation |  | 15.8 |  |  | 12.6 |
Accrued expenses |  | 20.1 |  |  | 23.2 |
Property and equipment |  | 8.1 |  |  | 10.8 |
Goodwill and intangible amortization |  | 11.2 |  |  | 9.0 |
Contract costs |  | 3.5 |  |  | 7.0 |
Intercompany notes |  | 16.7 |  |  | 17.4 |
Accrued revenue |  | 4.0 |  |  | 5.1 |
Tax credits |  | 58.1 |  |  | 64.4 |
Lease accounting |  | 49.2 |  |  | 40.2 |
Foreign exchange |  | 2.4 |  |  | 2.7 |
Capitalized research and development |  | 6.2 |  |  | — |
Other |  | 6.0 |  |  | 7.8 |
Total deferred tax assets |  | 260.6 |  |  | 265.1 |
Valuation allowance |  | (90.7 | ) |  | (90.4 | )
Total deferred tax assets, net of valuation allowance |  | 169.9 |  |  | 174.7 |
Deferred tax liabilities: |  |  |  |  |  |
Intangible assets related to purchase accounting |  | (15.0 | ) |  | (12.1 | )
Goodwill and intangible amortization |  | (31.9 | ) |  | (31.7 | )
Accrued expenses |  | (25.7 | ) |  | (22.7 | )
Intercompany notes |  | (12.9 | ) |  | (14.5 | )
Accrued interest |  | (34.4 | ) |  | (26.6 | )
Capitalized research and development |  | (0.3 | ) |  | (1.2 | )
Property and equipment |  | (6.8 | ) |  | (14.6 | )
Accrued revenue |  | (2.8 | ) |  | (2.1 | )
Lease accounting |  | (49.2 | ) |  | (40.2 | )
Foreign exchange |  | (4.0 | ) |  | (9.8 | )
Other |  | (5.6 | ) |  | (3.5 | )
Total deferred tax liabilities |  | (188.6 | ) |  | (179.0 | )
Net deferred tax liabilities |  | $ | (18.7 | ) |  | $ | (4.3 | )
Summary of operating loss carryforwards |
(in millions) |  | Gross |  | Tax Effected
Year ending December 31, |  |  |  |
2024 |  | $ | 1.7 |  |  | $ | 0.4 |
2025 |  | 13.1 |  |  | 3.3 |
2026 |  | 18.3 |  |  | 4.6 |
2027 |  | 3.6 |  |  | 0.9 |
2028 |  | 4.1 |  |  | 1.0 |
Thereafter |  | 20.3 |  |  | 5.3 |
Unlimited |  | 186.3 |  |  | 42.2 |
Total |  | $ | 247.4 |  |  | $ | 57.7 |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits |
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022
Beginning balance |  | $ | 42.8 |  |  | $ | 41.0 |
Additions based on tax positions related to the current year |  | 7.2 |  |  | 6.1 |
Additions for tax positions of prior years |  | 2.6 |  |  | 0.3 |
Reductions for tax positions of prior years |  | (0.1 | ) |  | (4.0 | )
Statute of limitations expiration |  | (0.7 | ) |  | (0.6 | )
Ending balance |  | $ | 51.8 |  |  | $ | 42.8 |
Schedule of income tax examinations |
Jurisdictions | Periods
U.S. (Federal) | 2014 through 2023
Germany | 2016 through 2023
Greece | 2013 through 2023
Spain | 2016 through 2023
U.K. | 2019 through 2023

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