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Income Taxes (Tables)

12 Months Ended

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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