Company: MWA
Filing Date: 2025-11-19
Form Type: 10-K
Source: 0001350593-25-000066
Chunk: 112

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-19
Form: 10-K
Item: Item 15
Chunk 112
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 30, 2025, the remaining balance of our transition obligation is $1.7 million, which will be paid in full by January 2026, as provided in the Act.  Other than for Krausz’s investment in its United States subsidiary and other anticipated distributions which result cumulatively in immaterial income tax, we have not recorded income taxes for unrepatriated foreign earnings that may be subject to withholding tax or any outside cost basis differences inherent in our foreign subsidiaries, as these amounts continue to be indefinitely reinvested in foreign operations.  We have a foreign tax credit carryforward of $4.7 million, expiring in our fiscal year 2028, for which we have recorded a valuation allowance as we do not expect to utilize it prior to expiration.The federal income tax returns for Mueller Water Products, Inc. are closed for years prior to our fiscal year 2022.  We remain liable for any taxes related to U.S. Pipe income for periods prior to 2012 pursuant to the terms of the sale agreement with the purchaser of the business. Our state income tax returns are generally closed for years prior to our fiscal year 2022, except with regard to our state net operating loss carryforwards.  Our Canadian income tax returns are generally closed for years prior to our fiscal year 2018.  We do not have any material unpaid assessments.

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Table of ContentsIndex to Financial Statements

The components of income tax expense are as follows:202520242023 (in millions)Current:U.S. federal$56.0 $53.4 $28.4 U.S. state and local11.7 14.8 6.0 Non-U.S.1.8 0.8 3.5 Total current income tax expense69.5 69.0 37.9 Deferred:U.S. federal(5.2)(20.7)(11.2)U.S. state and local(0.5)(1.1)(3.3)Non-U.S.(1.3)0.3 0.1 Total deferred income tax benefit(7.0)(21.5)(14.4)Income tax expense$62.5 $47.5 $23.5 The reconciliation between income tax expense at the United States federal statutory income tax rate and reported income tax expense is presented below:202520242023(in millions)Expense at U.S. federal statutory