v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of component of income tax provision reflected in the consolidated statements of operations

Year Ended

(In millions)

    

December 31, 2024

    

December 31, 2023

    

December 31, 2022

 

Current:

Federal

$

$

$

Foreign

 

2.4

 

1.9

 

0.9

State

 

(1.8)

 

0.8

 

(0.1)

Total current

 

0.6

 

2.7

 

0.8

Deferred:

Federal

 

0.5

 

0.4

 

0.3

Foreign

 

(0.3)

 

(0.2)

 

0.7

State

 

1.3

 

0.5

 

0.7

Total deferred

 

1.5

 

0.7

 

1.7

Total provision

$

2.1

$

3.4

$

2.5

Schedule of Pre-tax losses

Year Ended

(In millions)

    

December 31, 2024

    

December 31, 2023

    

December 31, 2022

 

Domestic

$

(192.4)

$

(216.7)

$

(685.8)

Foreign

 

(158.1)

 

(176.5)

 

(285.3)

Total

$

(350.5)

$

(393.2)

$

(971.1)

Schedule of the difference between the effective tax rate on earnings (loss) from continuing operations before income taxes and the U.S. federal income tax statutory rate

Year Ended

(In millions)

    

December 31, 2024

    

December 31, 2023

    

December 31, 2022

 

Income tax benefit at the federal statutory rate

$

(73.6)

$

(82.5)

$

(203.9)

Effect of:

State income taxes

 

(5.8)

 

(14.7)

 

(30.9)

Increase in reserve for uncertain tax positions

 

 

(0.2)

 

Federal and state credits

 

(1.5)

 

(1.3)

 

(2.5)

Permanent items — other

4.6

(17.6)

5.2

Foreign rate differential

(6.4)

(3.6)

(11.0)

Original issue discount

(152.5)

Other

 

0.3

 

1.2

 

(14.2)

Valuation allowance

 

84.5

 

122.1

 

412.3

Income tax provision

$

2.1

$

3.4

$

2.5

Effective income tax rate

 

(0.6)

%  

 

(0.9)

%  

 

(0.3)

%

Schedule of significant components of deferred income tax assets and liabilities

December 31, 2024

December 31, 2023

Deferred Income Tax

Deferred Income Tax

(In millions)

    

Assets

    

Liabilities

    

Assets

    

Liabilities

Tangible assets

    

$

    

$

(60.8)

    

$

    

$

(83.4)

Right-of-use assets

(831.5)

(914.3)

Accrued liabilities

 

11.2

 

 

13.8

 

Intangible assets

 

 

(128.0)

 

 

(119.4)

Receivables

 

12.1

 

 

9.5

 

Investments

 

44.4

 

 

48.0

 

Capital loss carryforwards

 

4.6

 

 

5.4

 

Pension and deferred compensation

 

15.5

 

 

22.7

 

Corporate borrowings

 

 

(52.8)

 

41.9

 

Disallowed interest

663.2

515.0

Deferred revenue

 

163.2

 

 

163.4

 

Lease liabilities

 

1,077.5

 

 

1,169.8

 

Finance lease obligations

 

 

 

0.2

 

Other credit carryovers

 

31.1

 

 

28.3

 

Net operating loss carryforwards

 

727.9

 

 

708.0

 

Total

$

2,750.7

$

(1,073.1)

$

2,726.0

$

(1,117.1)

Less: Valuation allowance

 

(1,711.5)

 

 

(1,641.3)

 

Net deferred income taxes

$

1,039.2

$

(1,073.1)

$

1,084.7

$

(1,117.1)

Schedule of rollforward of the Company's valuation allowance for deferred tax assets

Additions

Charged

Balance at

Charged

(Credited)

Beginning of

to

to Other

Balance at

(In millions)

    

Period

    

Expenses(1)

    

Accounts(2)

    

End of Period

Calendar Year 2024

Valuation allowance-deferred income tax assets

$

1,641.3

84.5

(14.3)

$

1,711.5

Calendar Year 2023

Valuation allowance-deferred income tax assets

$

1,513.0

122.1

6.2

$

1,641.3

Calendar Year 2022

Valuation allowance-deferred income tax assets

$

1,114.1

412.3

(13.4)

$

1,513.0

(1)Primarily relates to the Company’s increase in the current year’s federal, state, and international net operating losses.
(2)Primarily relates to amounts resulting from the Company’s changes in deferred tax assets and associated valuation allowance that are not related to income statement activity, as well as amounts charged to other comprehensive income.
Schedule of reconciliation of the change in the amount of unrecognized tax benefits

Year Ended

(In millions)

    

December 31, 2024

    

December 31, 2023

    

December 31, 2022

Balance at beginning of period

$

5.5

$

7.4

$

8.3

Gross decreases—expiration of statute of limitations

(1.9)

(0.9)

Balance at end of period

$

5.5

$

5.5

$

7.4