Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of net income (loss) before income tax expense (benefit)

The components of net income (loss) before income tax expense (benefit) were as follows (in millions):

	December 31,
	2024		2023		2022
Domestic	$	(225.1)	$	45.4	$	(177.6)
Foreign		3.9		4.3		7.7
Total	$	(221.2)	$	49.7	$	(169.9)

Schedule of income tax expense (benefit)

The components of the income tax expense (benefit) were as follows (in millions):

	December 31,
Current expense (benefit)	2024		2023		2022
Federal	$	0.7	$	—	$	—
State		(0.7)		0.2		0.4
Foreign		1.2		1.5		2.5
Total	$	1.2	$	1.7	$	2.9
Deferred expense (benefit)
Federal	$	—	$	—	$	—
State		(0.4)		(0.1)		0.5
Foreign		—		—		—
Total	$	(0.4)	$	(0.1)	$	0.5
Total income tax expense (benefit)	$	0.8	$	1.6	$	3.4

Schedule of reconciliation between the effective tax rate to the U.S. statutory tax rate

The reconciliation between the effective tax rate to the U.S. statutory tax rate is as follows:

	December 31,
	2024			2023			2022
Federal income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax effect		3.6			0.2			(0.5)
Partnership earnings not subject to tax		(8.3)			(20.0)			(21.4)
Foreign taxes effect		0.5			2.8			(1.4)
Other nontaxable income		4.9			—			—
Other		0.5			—			—
Change in valuation allowance		(22.6)			(0.8)			0.4
Effective tax rate		(0.4)	%		3.2	%		(1.9)	%

Schedule of significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):

	December 31,
	2024		2023
Deferred tax assets:
Investment in partnership	$	190.4	$	—
Net operating loss carryforwards		39.0		0.8
Interest expense limitation carryforwards		20.0		—
Other		3.2		0.8
Total deferred tax assets	$	252.6	$	1.6
Less: valuation allowance		(252.6)		(1.6)
Total deferred tax assets, net of valuation allowance	$	—	$	—
Deferred tax liabilities
Other	$	—	$	(0.4)
Total deferred tax liabilities	$	—	$	(0.4)
Net deferred tax asset (liability)	$	—	$	(0.4)