Company: IR
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006391
Chunk: 104

Company: Ingersoll Rand Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 104
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Excess interest30.0 (29.7)UnlimitedOther deferred tax assets5.0 (5.0)UnlimitedTotal tax carryforwards$168.6 $(125.6)A reconciliation of the changes in the valuation allowance for deferred tax assets for the years ended December 31, 2024, 2023 and 2022 are as follows.202420232022Beginning balance$115.7 $107.3 $106.4 Revaluation or additions due to acquisitions or mergers(1)22.9 — — Charged to tax expense(10.8)6.4 3.1 Charged to other accounts(2.2)2.0 (2.2)Ending balance$125.6 $115.7 $107.3 (1)Revaluation for the tax year ended December 31, 2024 relates to the inclusion of ILC Dover’s opening balance sheet beginning valuation allowance.

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Total unrecognized tax benefits were $26.4 million, $19.1 million and $10.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. The net increase in this balance primarily relates to current year additions to previously established reserves. Included in total unrecognized benefits at December 31, 2024 is $26.4 million of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized. The balance of total unrecognized tax benefits is not expected to significantly increase or decrease within the next twelve months. Below is a tabular reconciliation of the changes in total unrecognized tax benefits during the years ended December 31, 2024, 2023 and 2022.202420232022Beginning balance$19.1 $10.8 $21.1 Gross increases for tax positions of prior years0.8 0.4 0.4 Gross decreases for tax positions of prior years(0.3)— (3.7)Gross increases for tax positions of current year8.1 7.9 4.1 Settlements— — (9.9)Lapse of statute of limitations(0.6)(0.2)(0.1)Changes due to currency fluctuations(0.7)0.2 (1.1)Ending balance$26.4 $19.1 $10.8