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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of U.S. and foreign income before income taxes
U.S. and foreign income before income taxes consist of the following (in millions):
Year Ended December 31,
202420232022
United States$(20.5)$(34.8)$(90.3)
Foreign116.1 101.5 235.4 
Income (loss) before income taxes$95.5 $66.7 $145.1 
Schedule of components of income tax provision (benefit)
Our total income tax provision (benefit) related to income before income taxes consists of the following components (in millions):
Year Ended December 31,
202420232022
Current:
U.S. federal statutory tax$8.4 $8.9 $4.2 
State1.8 2.4 2.2 
Foreign40.1 23.4 42.9 
Current income tax expense (benefit)50.2 34.8 49.2 
Deferred:
U.S. federal statutory tax(3.3)(12.7)(4.6)
State(1.3)(1.1)0.6 
Foreign(10.6)(16.9)(14.5)
Deferred income tax expense (benefit)(15.3)(30.7)(18.5)
Non-current tax expense (income) (1)
(7.4)8.9 (1.5)
Total provision for income taxes$27.6 $13.0 $29.2 
(1)Non-current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties.
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate
A reconciliation of the tax provision calculated using the U.S. federal statutory income tax rate to our tax provision is as follows (in millions):
Year Ended December 31,
202420232022
Tax provision based on U.S. federal statutory tax rate$20.1 $14.0 $30.5 
Foreign rates varying from federal statutory tax rate(0.2)(1.5)(5.4)
State income taxes, net of U.S. federal income tax benefit2.2 7.5 0.7 
U.S. taxes on foreign earnings and other tax reform impacts10.3 9.4 29.7 
Uncertain tax positions(7.4)8.9 (1.5)
Statutory adjustments, including foreign currency and tax rate changes4.9 (9.2)(3.8)
Non-taxable interest income & non-deductible interest expense0.5 (3.3)2.1 
Valuation allowances4.0 (10.9)(13.3)
Non-deductible officer compensation1.2 1.8 1.0 
Withholding tax
10.0 8.0 7.8 
Foreign tax credit(18.6)(13.2)(25.0)
Sale of Avinode business
12.4 — — 
Sale of Brazil business
(6.0)— — 
Worthless stock deduction
(6.2)— — 
Other
0.6 1.5 6.6 
Total provision for income taxes$27.6 $13.0 $29.2 
Schedule of net deferred tax liabilities
The temporary differences which comprise our net deferred tax liabilities are as follows (in millions):
As of December 31,
20242023
Gross Deferred Tax Assets:
Bad debt reserve and accrued expenses$10.1 $15.8 
Net operating loss62.5 69.1 
Accrued and other share-based compensation22.7 26.0 
U.S. foreign income tax credits29.3 15.8 
Interest expense limitations75.2 45.8 
Other9.0 7.1 
Total gross deferred tax assets208.9 179.6 
Less: Valuation allowance (1)
16.8 15.2 
Gross deferred tax assets, net of valuation allowance192.0 164.5 
Gross Deferred Tax Liabilities:  
Depreciation(33.6)(32.2)
Goodwill and intangible assets(108.1)(84.4)
Unrealized foreign exchange, derivatives, and cash flow hedges(1.8)(6.7)
Deferred tax costs on foreign unrepatriated earnings(10.1)(12.0)
Other(5.2)(4.9)
Total gross deferred tax liabilities(158.8)(140.3)
Net deferred tax liability$— $— 
Net deferred tax asset$33.2 $24.2 
Reported on the Consolidated Balance Sheets as:  
Other non-current assets for deferred tax assets, non-current$78.8 $83.4 
Other long-term liabilities, net for deferred tax liabilities, non-current$45.6 $59.2 
(1)During the year ended December 31, 2024, we recognized additional valuation allowances of $4.0 million relating primarily to the establishment of a valuation allowance on foreign branch tax credits and the 2024 results of certain of our worldwide entities. We also released valuation allowances totaling $2.3 million primarily as a result of divesting our Brazil entities.
Summary of Operating Loss Carryforwards This deferred tax asset expires as follows (in millions):
Net Operating LossExpiration DateDeferred Tax Asset
US States2026-2044$9.3 
US StatesIndefinite5.3 
Foreign2025-20448.7 
ForeignIndefinite39.3 
Total$62.5 
Summary of income tax concessions
The decrease to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):
Year Ended December 31,
202420232022
Singapore tax concession impact on foreign income tax$(2.5)$(2.1)$(3.3)
Impact on basic earnings per share$(0.04)$(0.03)$(0.05)
Impact on diluted earnings per share$(0.04)$(0.03)$(0.05)
Schedule of reconciliation of the total amounts of unrecognized income tax benefits
The following is a tabular reconciliation of the total amounts of gross Unrecognized Tax Liabilities for the year (in millions):
 202420232022
Gross Unrecognized Tax Liabilities – opening balance$73.1 $68.1 $75.1 
Gross increases – tax positions in prior period1.5 7.7 2.2 
Gross decreases – tax positions in prior period(8.8)(0.4)(8.0)
Gross increases – tax positions in current period2.2 1.4 2.0 
Settlements(3.0)(0.5)(1.6)
Payments— — 1.6 
Lapse of statute of limitations(3.1)(3.2)(3.3)
Gross Unrecognized Tax Liabilities – ending balance$61.8 $73.1 $68.1 
Schedule of open tax years by jurisdiction with major uncertain tax positions The following table summarizes open tax years by major jurisdiction:
Open Tax Year
JurisdictionExamination
in progress		Examination not
yet initiated
Denmark2013-20212020-2024
United StatesNone2020-2024
United KingdomNone2020-2024
SingaporeNone2021-2024
Other non-U.S.None2014-2024