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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

United States and International Components of Loss before Income Taxes

The U.S. and International components of income (loss) before income taxes consisted of the following:


In millions
	Year Ended December 31,
	2023		2022		2021
U.S.	$	64.1	$	84.6	$	(14.0)
International	(60.8)		(5.7)		14.7
Total income before income taxes	$	3.3	$	78.9	$	0.7

Significant Components of Income Tax Benefit (Expense)

Significant components of the Company’s income tax (expense) benefit are as follows:


In millions
	Year Ended December 31,
	2023		2022		2021
Current
U.S. - federal	$	(18.6)	$	8.1	$	4.9
U.S. - state and local	(3.8)		(2.3)		(1.4)
International	(2.7)		(4.6)		(6.4)
	(25.1)		1.2		(2.9)
Deferred
U.S. - federal	2.4		(23.7)		(17.0)
U.S. - state and local	(3.4)		(1.9)		(4.6)
International	1.5		2.0		(3.0)
	0.5		(23.6)		(24.6)
Total expense	$	(24.6)	$	(22.4)	$	(27.5)

Reconciliation of Income Tax Provisions

A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local taxes, net of federal tax effect	154.5	%	1.9	%	204.2	%
International tax rates	(63.6	%)	(4.2	%)	(864.4	%)


FCPA Settlement accrual and other penalty matters	15.2	%	3.2	%	3,118.2	%
Other Tax Matter	(60.6	%)	—	%	(268.4	%)
Valuation allowance	163.6	%	11.0	%	1,727.9	%
Divestitures	384.8	%	(0.8	%)	(708.4	%)
Stock-based compensation and executive compensation disallowance	221.2	%	9.4	%	908.6	%
Statute of limitations lapses	(51.5	%)	(13.0	%)	(584.7	%)
Other	(39.1	%)	(0.1	%)	275.0	%
Effective tax rate	745.5	%	28.4	%	3,829.0	%


	Year Ended December 31, 2023
	2023 Tax Expense (Benefit)		Tax Rate
U.S. federal statutory income tax rate	$	0.7	21.0	%
Effect of:
State and local taxes, net of federal tax effect	5.1		154.5	%
International tax rates	(2.1)		(63.6	%)


FCPA Settlement accrual and other penalty matters	0.5		15.2	%
Other Tax Matter	(2.0)		(60.6	%)
Valuation allowance	5.4		163.6	%
Divestitures	12.7		384.8	%
Stock-based compensation and executive compensation disallowance	7.3		221.2	%
Statute of limitations lapses	(1.7)		(51.5	%)
Other	(1.3)		(39.1	%)
Effective tax rate	$	24.6	745.5	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets were as follows:


In millions
	December 31,
	2023		2022
Deferred tax liabilities:
Property, plant and equipment	$	(93.2)	$	(94.4)
Goodwill and intangibles	(393.9)		(400.6)
Leases - right of use asset	(117.3)		(94.8)
Other	(17.5)		(17.3)
Total deferred tax liabilities	(621.9)		(607.1)
Deferred tax assets:
Accrued liabilities	57.2		59.5
Leases - right of use liability	122.3		100.2
Net operating tax loss carry-forwards	32.0		63.4
Interest expense carry-forward	22.8		23.4
Other	15.5		14.0
Less: valuation allowance	(36.8)		(67.2)
Total deferred tax assets	213.0		193.3
Net deferred tax liabilities	$	(408.9)	$	(413.8)

Summary of Valuation Allowance

The changes in the valuation allowance on deferred tax assets is as follows:


	Year Ended December 31,
	2023		2022		2021
Balances at beginning of period	$	67.2	$	61.4	$	52.0
Additions Charged to Income Tax Expense (1)	1.8		6.8		10.5
Reductions Due to Divestitures (2)	(34.0)		—		(2.1)
Other Changes to Reserves (3)	1.8		(1.0)		1.0
Balances at end of period	$	36.8	$	67.2	$	61.4

(1)2023 amounts include valuation allowances on business operations (including Spain). 2022 and 2021 amounts include valuation allowances on business operations (including the U.K., Brazil, and Spain).

(2)Amounts consist primarily of historical valuation allowances removed upon divestiture of corresponding business operations.

(3)Amounts consist primarily of currency translation adjustments.

Summary of Aggregate Changes in Unrecognized Tax benefits

The following table summarizes the aggregate changes in unrecognized tax benefits:


In millions
Unrecognized tax positions as of December 31, 2021	$	19.7
Gross decreases - tax positions in prior periods	(0.6)
Gross increases - current period tax positions	0.6
Settlements	(1.4)
Lapse of statute of limitations	(8.3)
Unrecognized tax positions as of December 31, 2022	10.0
Gross decreases - tax positions in prior periods	(0.5)
Gross increases - current period tax positions	—
Settlements	(0.8)
Lapse of statute of limitations	(3.1)
Unrecognized tax positions as of December 31, 2023	$	5.6