Company: UIS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000746838-25-000008
Chunk: 121

Company: UNISYS CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 121
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35.5 Net deferred tax assets$67.9 $113.1 Changes in the valuation allowance was as follows:Year ended December 31,202420232022Valuation allowance, at beginning of year$(1,150.1)$(1,110.5)$(1,226.2)Actuarial pension adjustments24.8 84.5 70.7 Expired net operating losses/tax credits35.2 42.9 52.3 Foreign exchange15.5 (6.8)14.8 Recognition of income tax benefit (expense) (i)(56.0)(125.9)(43.9)Other(38.0)(34.3)21.8 Valuation allowance, at end of year$(1,168.6)$(1,150.1)$(1,110.5)(i) Includes U.S. pension activity of $(44.8) million, ($95.9) million and ($11.3) million for the years ended December 31, 2024, 2023 and 2022, respectively.The company has tax effected tax loss carryforwards as follows:As of December 31, 2024U.S. Federal$339.6 State and local196.0 Foreign252.0 Total tax loss carryforwards$787.6 

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These carryforwards will expire as follows:Year2025$20.4 202615.1 202719.0 202889.9 20294.9 Thereafter361.0 Unlimited277.3 Total$787.6 The company also has available tax credit carryforwards, which will expire as follows:Year2025$20.8 202633.7 20279.1 20280.3 20290.1 Thereafter27.4 Total$91.4 A full valuation allowance is currently maintained for all U.S. and certain foreign deferred tax assets in excess of deferred tax liabilities. The company will record a tax provision or benefit for those international subsidiaries that do not have a full valuation allowance against their net deferred tax assets. Any profit or loss recorded for the company’s U.S. operations will have no provision or benefit associated with it due to such valuation allowance, except with respect to withholding taxes not creditable against future taxable income. As a result, the company’s provision or benefit for taxes