Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) before Income Taxes

The components of income (loss) before income taxes for the years ended December 31, 2023, 2022 and 2021 (in millions):

	2023			2022		2021
Domestic	$	(42.1	)	$	14.2	$	35.9
Foreign		23.7			17.5		18.0
Income (loss) before income taxes	$	(18.4	)	$	31.7	$	53.9

Income Tax Expense (Benefit) from Continuing Operations

The income tax expense (benefit) from continuing operations for the years ended December 31, 2023, 2022 and 2021 (in millions):

	2023			2022			2021
Current
Federal	$	0.4		$	8.6		$	1.8
State		0.5			1.4			1.9
Foreign		8.2			5.3			7.4
	$	9.1		$	15.3		$	11.1
Deferred
Federal	$	(5.6	)	$	(1.6	)	$	9.6
State		(2.0	)		0.2			0.4
Foreign		(4.3	)		(2.3	)		(2.4	)
		(11.9	)		(3.7	)		7.6
Income tax expense (benefit)	$	(2.8	)	$	11.6		$	18.7

Schedule of Effective Income Tax Rate

The income tax expense (benefit) differs from the amount of income tax expense (benefit) determined by applying the Company’s federal corporate income tax rate of 21% to pre-tax income for the years ended December 31, 2023, 2022 and 2021 due to the following (in millions):

	2023			2022			2021
Computed “expected” income tax expense (benefit)	$	(3.9	)	$	6.7		$	11.3
Change in income tax resulting from:
State taxes, net of federal benefit		(1.3	)		1.2			1.9
Change in fair value of earnout		(1.0	)		3.3			2.7
Non-deductible executive compensation		1.9			2.1			1.2
Non-deductible expenses		0.3			0.5			0.2
Foreign GILTI income		0.4			1.6			4.1
Foreign Permanent Differences including U.S. GAAP to Statutory Differences		2.0			(1.6	)		2.8
Foreign Non-Territorial Income		(5.9	)		(4.5	)		(6.9	)
Foreign rate differential		0.9			0.7			—
Foreign Withholdings		0.5			—			—
Transaction costs		0.2			0.1			0.2
Change in valuation allowance		1.3			2.9			0.2
Change in tax rate		(1.0	)		(0.4	)		(0.1	)
Disposal of subsidiary tax benefit		(0.7	)		—			—
Stock compensation		1.4			0.5			(0.8	)
Change in unrecognized tax benefits		(0.1	)		(2.3	)		(0.3	)
Other		2.2			0.8			2.2
	$	(2.8	)	$	11.6		$	18.7

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2023 and 2022 consist of the following (in millions):

		2023			2022
Deferred tax assets:
Accrued expenses	$	1.6		$	1.3
Accounts receivable		1.6			2.6
Net operating loss carryforward		6.7			6.4
Stock-based compensation		2.7			2.1
Interest expense carryforward		1.4			—
Lease obligations		13.0			11.7
Other comprehensive income		—			0.3
Other		2.8			0.7
Total deferred tax assets		29.8			25.1
Valuation allowance		(5.3	)		(4.9	)
Net deferred tax assets	$	24.5		$	20.2
Deferred tax liabilities:
Intangible assets	$	(64.1	)	$	(69.5	)
Property and equipment		(2.6	)		(3.7	)
Lease assets		(10.7	)		(10.8	)
Other		(1.5	)		(1.2	)
Total deferred tax liabilities		(78.9	)		(85.2	)
Net deferred tax liabilities	$	(54.4	)	$	(65.0	)
Reported as:
Deferred tax assets	$	5.0		$	2.6
Deferred tax liabilities		(59.4	)		(67.6	)
Net Deferred tax liabilities	$	(54.4	)	$	(65.0	)

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):

	Amount
Balance at December 31, 2021	$	3.2
Decrease in balances related to prior year tax positions		(2.1	)
Interest accrued		0.6
Increase in balances related to prior year tax positions		1.2
Balance at December 31, 2022	$	2.9
Decrease in balances related to prior year tax positions		(0.3	)
Interest accrued		0.2
Balance at December 31, 2023	$	2.8