REGAL REXNORD CORP
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
10. Income Taxes
- INCOME TAXES
The effective tax rate for the three months ended June 30, 2024 was 35.0% versus 22.9% for the three months ended June 30, 2023. The effective tax rate for the six months ended June 30, 2024 and June 30, 2023 was 34.9% and 44.5%, respectively. The effective tax rate for the three months ended June 30, 2024 was higher than the same period in the prior year due to the sale of the industrial motors and generators businesses. The effective tax rate for the six months ended June 30, 2024 was lower than the same period in the prior year due to lower non-deductible transaction related expenses from the Altra acquisition, partially offset by the impact of the sale of the industrial motors and generators businesses.
As of June 30, 2024 and December 31, 2023, the Company had approximately $5.4 million and $8.5 million, respectively, 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 $1.2 million and $1.1 million of accrued interest as of June 30, 2024 and December 31, 2023, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.