Company: ST
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001477294-25-000022
Chunk: 106

Company: Sensata Technologies Holding plc
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 106
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)    The year ended December 31, 2022 primarily relates to mark-to-market losses on our investment in Quanergy Systems, Inc. ("Quanergy").

(Benefit from)/provision for income taxes

The components of (benefit from)/provision for income taxes for the years ended December 31, 2024, 2023, and 2022 are described in more detail in the table below, reconciled to the U.S. statutory rate for each year (amounts have been calculated based on unrounded numbers, accordingly, certain amounts may not appear to recalculate due to the effect of rounding):

 For the year ended December 31,(In millions)202420232022Tax computed at U.S. statutory rate of 21% (1)$(2.5)$3.7 $83.3 Capital restructurings and dispositions(6)40.6 (286.4)4.5 Valuation allowances (4)(180.0)278.5 15.7 Goodwill impairment (3)31.5 41.2 — Foreign tax rate differential (2)(13.6)(17.3)(44.3)Withholding taxes not creditable6.1 14.1 12.3 Research and development incentives (5)(10.4)(9.0)(10.8)Unrealized foreign currency exchange losses2.3 1.5 9.3 Reserve for tax exposure(0.9)1.1 1.3 Changes in tax laws or rates (2)(2.6)(0.3)2.6 Other (7)(10.9)(5.2)12.1 (Benefit from)/provision for income taxes$(140.3)$21.8 $86.0 

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(1)    Represents the product of the applicable statutory tax rate and income before taxes, as reported in the consolidated statements of operations. 

(2)    We operate in multiple jurisdictions, including but not limited to Bulgaria, China, Malaysia, Malta, Mexico, the Netherlands, Switzerland, the U.S., and the U.K. This can result in a foreign tax rate differential that may reflect a tax benefit or detriment. This differential can vary annually based upon the jurisdictional mix of earnings and changes in current and future enacted tax rates. Additionally, one of our subsidiaries was eligible for a reduced