Company: PRGO
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001585364-25-000014
Chunk: 155

Company: PERRIGO Co plc
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 155
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 are classified on the Consolidated Balance Sheets as follows (in millions):Year EndedDecember 31, 2024December 31, 2023Assets$5.1 25.8 Liabilities(203.2)(262.3)Net deferred income tax liability$(198.1)(236.5)

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Perrigo Company plc - Item 8Note 18

The change in valuation allowance reducing deferred taxes was (in millions): Year EndedDecember 31, 2024December 31, 2023December 31, 2022Balance at beginning of period$440.9 $394.5 $450.7 Change in assessment4.9 48.3 (14.8)Current year operations, foreign currency and other42.8 (1.9)(41.4)Balance at end of period$488.6 $440.9 $394.5 We have credit carryforwards of $28.2 million which will expire at various times through 2038 and net operating loss carryforwards of $650.5 million which will expire at various times through 2044. The remaining credit carryforwards of $6.7 million, loss carryforwards of $1.4 billion, and interest carryforwards of $362.6 million have no expiration.For the year ended December 31, 2024 we recorded a net increase in valuation allowances of $47.7 million comprised primarily of valuation allowances recorded on certain interest carryforward deferred tax assets in our U.S. and Netherlands operations. For the year ended December 31, 2023 we recorded a net increase in valuation allowances of $46.4 million comprised primarily of an increase of valuation allowance on certain operating losses being carried forward which are no longer realizable. For the year ended December 31, 2022 we recorded a net decrease in valuation allowances of $56.2 million, comprised primarily of a decrease in valuation allowance on deferred tax assets related to the divestiture of our Latin American businesses in 2022. Valuation allowances are determined based on management's assessment of its deferred tax assets that are more likely than not to be realized.The ending deferred tax liability with respect to undistributed earnings of certain foreign subsidiaries is $3.6 million as of December 31, 2024.As of December 31, 2024, the Company considered approximately $3.3 million of unremitted earnings of our foreign subsidiaries as