REGAL REXNORD CORP
For the period ended Mar 31, 2024. Filed May 7, 2024.
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Mar 31, 2024 · Filed May 7, 2024
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10. Income Taxes
- INCOME TAXES
The effective tax rate for the three months ended March 31, 2024 was 34.8% versus 180.9% for the three months ended March 31, 2023, which was due to the non-deductible transaction costs associated with the Altra Transaction incurred in 2023.
As of March 31, 2024 and December 31, 2023, the Company had approximately $5.6 million and $8.5 million of unrecognized tax benefits, all of which would impact the effective income tax rate if recognized. Potential interest and penalties related to unrecognized tax benefits are recorded in income tax expense. The Company had approximately $1.2 million and $1.1 million of accrued interest as of March 31, 2024 and December 31, 2023, respectively.
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