XML 60 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of income before income taxes domestic and foreign

		Year Ended December 31,
(in millions)		2024				2023				2022
Income before taxes:
United States		$	(29.7	)		$	7.0			$	(12.5	)
Foreign		478.6				393.4				335.1
Total income before income taxes		$	448.9			$	400.4			$	322.6

Schedule of components of income tax expense (benefit)

		Year Ended December 31,
(in millions)		2024				2023				2022
Current tax expense (benefit):
U.S.		$	4.3			$	5.1			$	3.9
Foreign		118.6				102.9				80.3
Total current		122.9				108.0				84.2
Deferred tax expense (benefit):
U.S.		6.1				12.2				(7.3		)
Foreign		13.6				0.7				15.0
Total deferred		19.7				12.9				7.7
Total tax expense		$	142.6			$	120.9			$	91.9

Schedule of effective income tax rate reconciliation

		Year Ended December 31,
(dollar amounts in millions)		2024				2023				2022
U.S. federal income tax expense at applicable statutory rate		$	94.3			$	84.1			$	67.7
Tax effect of:
State income tax expense at statutory rates, net of U.S. federal income tax		3.5				3.7				3.7
Non-deductible expenses		4.1				2.9				1.7
Share-based compensation		3.9				4.0				1.9
Other permanent differences		8.0				0.9				(0.2		)
Difference between U.S. federal and foreign tax rates		21.8				16.7				13.9
Provision in excess of statutory rates		(0.5		)		8.3				3.6
Change in federal and foreign valuation allowance		1.2				2.7				(7.7		)
GILTI, net of tax credits		12.9				5.9				9.8
Tax credits		(6.0		)		(9.2		)		(0.7		)
Other		(0.6		)		0.9				(1.8		)
Total income tax expense		$	142.6			$	120.9			$	91.9
Effective tax rate		31.77		%		30.19		%		28.47		%

Schedule of deferred tax assets and liabilities

		As of December 31,
(in millions)		2024				2023
Deferred tax assets:
Tax loss carryforwards		$	44.8			$	59.3
Share-based compensation		15.0				15.8
Accrued expenses		19.3				20.1
Property and equipment		6.8				8.1
Goodwill and intangible amortization		9.3				11.2
Contract costs		0.7				3.5
Intercompany notes		6.6				16.7
Accrued revenue		0.7				4.0
Tax credits		61.6				58.1
Lease accounting		34.3				49.2
Foreign exchange		8.8				2.4
Capitalized research and development		10.8				6.2
Other		6.3				6.0
Total deferred tax assets		225.0				260.6
Valuation allowance		(75.0		)		(90.7		)
Total deferred tax assets, net of valuation allowance		150.0				169.9
Deferred tax liabilities:
Intangible assets related to purchase accounting		(28.2		)		(15.0		)
Goodwill and intangible amortization		(31.8		)		(31.9		)
Accrued expenses		(15.3		)		(25.7		)
Intercompany notes		(5.8		)		(12.9		)
Accrued interest		(42.6		)		(34.4		)
Capitalized research and development		—				(0.3		)
Property and equipment		(6.9		)		(6.8		)
Accrued revenue		(1.7		)		(2.8		)
Lease accounting		(34.3		)		(49.2		)
Foreign exchange		(14.7		)		(4.0		)
Partnership Investment		(7.6		)		(3.1		)
Other		(7.6		)		(2.5		)
Total deferred tax liabilities		(196.5		)		(188.6		)
Net deferred tax liabilities		$	(46.5	)		$	(18.7	)

Summary of operating loss carryforwards

(in millions)		Gross				Tax Effected
Year ending December 31,
2025		$	3.7			$	0.9
2026		7.8				1.9
2027		3.1				0.8
2028		4.6				1.1
2029		5.2				1.2
Thereafter		14.5				3.5
Unlimited		144.4				31.7
Total		$	183.3			$	41.1

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits

		Year Ended December 31,
(in millions)		2024				2023
Beginning balance		$	51.8			$	42.8
Additions based on tax positions related to the current year		6.2				7.2
Additions for tax positions of prior years		1.4				2.6
Reductions for tax positions of prior years		(4.0		)		(0.1		)
Settlements		(0.2		)		-
Statute of limitations expiration		(6.6		)		(0.7		)
Ending balance		$	48.6			$	51.8

Schedule of income tax examinations

Jurisdictions	Periods
U.S. (Federal)	2014 through 2024
Germany	2016 through 2024
Greece	2019 through 2024
Spain	2016 through 2024
U.K.	2019 through 2024

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration