Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income Before Income Tax Domestic and Foreign Current and Deferred Portions of Income Tax Benefits

The domestic and foreign components of (loss) before provision for income taxes and the provision for income taxes were as follows (in millions):


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023		Fiscal Year Ended December 31, 2022
United States	$	(71.8)	$	(125.0)	$	(169.5)
Foreign	37.9		19.7		(137.1)
Net loss before provision/(benefit) from income taxes	$	(33.9)	$	(105.3)	$	(306.6)
Income tax provision/(benefit):
Current:
Federal	$	3.1	$	8.6	$	—
State and local	2.6		2.0		2.9
Foreign	20.8		13.7		16.1
Total current provision/(benefit)	$	26.5	$	24.3	$	19.0
Deferred:
Federal	$	(11.0)	$	(17.6)	$	(19.6)
State and local	(2.3)		(5.5)		(4.2)
Foreign	(10.5)		(7.8)		(13.4)
Total deferred provision/(benefit)	$	(23.8)	$	(30.9)	$	(37.2)
Total provision/(benefit) from income taxes	$	2.7	$	(6.6)	$	(18.2)

Schedule of Effective Income Tax Rate Reconciliation

The provision (benefit) for income taxes differs from the amount computed by applying the U.S. Federal statutory income tax rate to loss before provision for income taxes as follows:


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023		Fiscal Year Ended December 31, 2022
Income tax at U.S. Federal statutory rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal impact	3.0	%	2.4	%	0.3	%
Foreign tax rate differential	(7.1)	%	(1.5)	%	(0.5)	%
U.S. tax on foreign earnings, net of foreign tax credits	(9.6)	%	(2.2)	%	(0.9)	%
State and local tax legislative changes	—	%	1.3	%	0.6	%
Research and development tax credits	3.7	%	1.7	%	0.5	%
U.S. foreign derived intangible income deduction	7.5	%	3.5	%	—	%
Change in valuation allowance	(13.4)	%	(9.0)	%	(1.4)	%
Unrecognized tax benefits	1.1	%	(2.2)	%	(0.2)	%
Stock-based compensation expense	(6.3)	%	(3.4)	%	(2.0)	%
Warrant liability change in fair value	(3.4)	%	(5.5)	%	2.8	%
Impact of foreign exchange	1.6	%	(0.1)	%	—	%
Non-deductible compensation	(5.1)	%	—	%	—	%
Goodwill impairment	—	%	—	%	(14.5)	%
Other	(0.9)	%	0.3	%	0.2	%
Total effective income tax rate	(7.9)	%	6.3	%	5.9	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s net deferred tax assets and liabilities consist of the following (in millions):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$	12.9	$	19.1
Federal and state credit carryforwards	0.6		4.4
Property, plant and equipment	0.2		0.6
Deferred and other revenue differences	7.4		7.5
Interest carryforwards	31.2		23.2
Other reserves and accrued expenses	14.9		18.4
Lease liabilities	8.4		8.7
Derivatives	1.8		5.4
Other assets	7.9		7.7
Capitalized research and development	12.4		10.1
Total deferred tax assets	97.7		105.1
Less: valuation allowance	(32.9)		(30.0)
	$	64.8	$	75.1


	December 31, 2024		December 31, 2023
Deferred tax liabilities:
Purchased technologies and other intangibles	$	(92.7)	$	(122.2)
Deferred and other revenue differences	(9.0)		(13.9)
Property, plant and equipment	(10.0)		(11.9)
Lease right of use assets	(7.6)		(8.2)
Other liabilities	(6.6)		(2.9)
Total deferred tax liabilities	(125.9)		(159.1)
Net deferred tax liabilities	$	(61.1)	$	(84.0)

Schedule of Valuation Allowance


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023		Fiscal Year Ended December 31, 2022
Balance, beginning of period	$	30.0	$	23.9	$	20.7
Decreases from business combinations	—		—		(0.4)
Other increases	10.0		9.8		5.3
Other decreases	(7.1)		(3.7)		(1.7)
Balance, end of period	$	32.9	$	30.0	$	23.9

Schedule of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	Fiscal Year Ended December 31, 2024		Fiscal Year Ended December 31, 2023		Fiscal Year Ended December 31, 2022
Balance, beginning of period	$	8.4	$	6.9	$	6.6
Current year additions to positions	1.0		2.7		1.3
Additions from business combinations	—		—		1.4
Lapse of applicable statute of limitations	(0.1)		(0.2)		(0.4)
Reductions to prior year positions	(1.8)		(1.0)		(2.0)
Foreign currency translation adjustments	—		—		—
Balance, end of period	$	7.5	$	8.4	$	6.9

Schedule of Open Tax Years by Major Jurisdictions

In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes open tax years by major tax jurisdictions as of December 31, 2024:


			Years Open
Jurisdiction:
Canada			2019 – 2024
France			2022 – 2024
Germany			2019 – 2024
United Kingdom			2022 – 2024
United States—Federal			2017 – 2024
United States—State			2006 – 2024