Company: ASGN
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000890564-25-000008
Chunk: 84

Company: ASGN Inc
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 84
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 benefit9.9 13.6 17.3 Nondeductible executive compensation1.9 4.2 5.4 Disallowed meals and entertainment expenses1.1 1.2 0.5 Excess stock-based compensation benefit0.2 (2.6)(3.5)Work opportunity tax credit(1.7)(1.8)(2.1)Other3.1 1.3 2.8 $64.9 $78.4 $96.7  As of December 31, 2024, the Company had $1.2 million of foreign net operating losses, which will start to expire in 2030. The Company has recorded a valuation allowance of approximately $0.3 million and $0.6 million at December 31, 2024 and 2023, respectively, related to credits and net operating loss carryforwards. The Company had gross deferred tax assets of $59.0 million and $61.0 million and gross deferred tax liabilities of $246.2 million and $216.4 million at December 31, 2024 and 2023, respectively. Management has determined the gross deferred tax assets are realizable.At December 31, 2024, the Company had undistributed earnings of foreign subsidiaries of approximately $13.1 million, substantially all of which are permanently reinvested. The Company will repatriate a portion of these foreign earnings in situations it deems advantageous for business operations, tax, or cash management reasons. In doing so, the Company could be subject to state income and foreign taxes which would be insignificant. The determination of the amount of unrecognized deferred income tax liability for any basis differences on the permanently reinvested foreign earnings is not practicable due to the complexities associated with this hypothetical calculation.At December 31, 2024 and 2023, there were $1.2 million of unrecognized tax benefits, respectively, and changes during those years were not significant. If recognized, these unrecognized tax benefits would affect the annual effective tax rate. The gross unrecognized tax benefits are included in other long-term liabilities in the accompanying consolidated balance sheets. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the accompanying consolidated statements of operations and comprehensive income. The amount of interest and penalties recognized in the consolidated financial statements is not significant. The Company believes that there will be no significant decrease in unrecognized tax benefits by the end of 2024.