Company: IR
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001628280-25-006391
Chunk: 103

Company: Ingersoll Rand Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 103
---
0.7 Effective income tax rate23.2 %23.3 %20.2 %

73

The principal items that gave rise to deferred income tax assets and liabilities as of December 31, 2024 and 2023 are as follows.20242023Deferred Tax Assets:Reserves and accruals$83.4 $80.1 Allowance for credit losses7.4 7.8 Inventory reserve9.0 5.9 Pension and postretirement benefit plans20.0 25.3 Tax loss carryforwards112.4 81.3 Deferred taxes recorded in other comprehensive income1.4 13.4 Foreign tax credit carryforwards50.7 57.9 Other22.4 32.2 Total deferred tax assets306.7 303.9 Valuation allowance(125.6)(115.7)Deferred Tax Liabilities:LIFO inventory(20.3)(20.2)Investment in partnership(30.2)(35.7)Property, plant and equipment(50.0)(42.5)Intangible assets(770.4)(635.4)Unremitted foreign earnings(41.8)(35.5)Total deferred tax liabilities(912.7)(769.3)Net deferred income tax liability$(731.6)$(581.1)The Company believes that it is more likely than not that it will realize its deferred tax assets through the reduction of future taxable income, other than for the deferred tax assets reflected below. Tax attributes and related valuation allowances as of December 31, 2024 were as follows.Tax BenefitValuation AllowanceCarryforward Period EndsTax Attributes to be Carried ForwardU.S. federal net operating loss$13.3 $(0.1)2032-2038U.S. federal capital loss0.6 (0.6)2029U.S. federal tax credit50.8 (50.8)2025-2034Alternative minimum tax credit0.5 (0.1)UnlimitedU.S. state and local net operating losses4.9 (2.1)2026-2041U.S. state capital loss0.3 (0.1)2028Non U.S. net operating losses62.6 (36.5)UnlimitedNon U.S. capital losses0.6 (0.6)Unlimited