Company: MWA
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001350593-25-000012
Chunk: 20

Company: Mueller Water Products, Inc.
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 taxes, net of federal benefit3.9 3.0 Excess tax (benefit) deficit related to stock-based compensation(3.5)0.8 Tax credits(1.3)(2.7)Global Intangible Low-Taxed Income0.6 1.3 Foreign income tax rate differential(0.7)(1.8)Nondeductible compensation1.1 1.4 Uncertain tax positions0.7 (8.8)Valuation allowances— 0.4 Other1.1 0.8 Effective income tax rate22.9 %15.4 %At December 31, 2024 and September 30, 2024, the gross liabilities for unrecognized income tax benefits were $3.4 million and $3.0 million, respectively, and are included in Other noncurrent liabilities.During the three months ended December 31, 2023, we recorded $1.6 million in income tax benefits due to the release of an uncertain tax position that expired on December 31, 2023.  During the three months ended December 31, 2024 and 2023, there were no material changes to other uncertain tax positions.

Note 4.  Borrowing Arrangements 

The components of our long-term debt are as follows: December 31,September 30,  20242024 (in millions)4.0% Senior Notes$450.0 $450.0 Finance leases2.5 2.7 Total debt452.5 452.7 Less: deferred financing costs3.0 3.2 Less: current portion of long-term debt0.8 0.8 Long-term debt$448.7 $448.7 ABL Agreement.  Our asset-based lending agreement, as amended, (“ABL”), is provided by a syndicate of banking institutions and consists of a revolving credit facility for up to $175.0 million in borrowing capacity that matures the earlier of (a) March 16, 2029, which is ninety-one days prior to the stated maturity date of our 4.0% Senior Notes if the Notes are still outstanding on that date or (b) March 28, 2029.  The ABL includes the ability to borrow up to $25.0 million of swing line loans and up to $60.0 million of letters of credit.  The ABL