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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Geographical Breakdown of Income Before the Provision for Income Taxes

The following is a geographical breakdown of income before the provision for income taxes:

			Year ended December 31
			2024						2023						2022
Domestic (Canada) income (loss)			$	42.7					$	7.4					$	(6.2)
Foreign income			489.5						298.6						245.3
Income before income taxes			$	532.2					$	306.0					$	239.1

Schedule of the Provision for /(Recovery of) income taxes

The provision for (recovery of) income taxes consisted of the following:

			Year ended December 31
			2024						2023						2022
Current income taxes (recoveries)
Domestic (Canada)			$	1.5					$	1.4					$	1.0
Foreign			134.6						63.8						85.9
Total current income taxes (i) (ii)			136.1						65.2						86.9
Deferred income taxes (recoveries)
Domestic (Canada)			—						—						—
Foreign			(31.9)						(3.6)						(27.9)
Total deferred income taxes recoveries (i)			(31.9)						(3.6)						(27.9)
Income tax expense			$	104.2		—			$	61.6		—			$	59.0

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax expense calculated using combined Canadian federal and provincial income tax rate with our income tax expense is as follows:

			Year ended December 31
			2024						2023						2022
Expected statutory rate			26.5		%				26.5		%				26.5		%
Expected income tax expense calculated using expected statutory rate			$	141.0					$	81.1					$	63.4
Effect of foreign tax rate differences			(73.9)						(45.7)						(34.9)
Effect of foreign exchange			(10.7)						4.3						1.2
Effect of other, including non-taxable/non-deductible items and changes to net provisions related to tax uncertainties (i) (ii)			26.6						(3.3)						5.0
Change in valuation allowance (ii)			21.2						25.2						24.3
Income tax expense			$	104.2					$	61.6					$	59.0

(i)    These line items in the two tables above include: (i) for 2024, a $22.3 withholding tax expense incurred to minimize the impact of the enactment of Pillar Two (global minimum tax) legislation in Canada, and a $3.9 tax expense arising from taxable temporary differences associated with the anticipated repatriation of undistributed earnings (Repatriation Expense) from certain of our Asian subsidiaries (ii) for 2023, a $11.3 tax expense arising from both the repatriation of undistributed earnings and taxable temporary differences associated with the anticipated repatriation of undistributed earnings from certain of our Asian subsidiaries; and (iii) for 2022, a $3.3 Repatriation Expense related to certain of our Chinese subsidiaries ($3.3 of which was paid in 2023 and realized as a current tax expense in 2023).

(ii)    These line items for 2022, 2023 and 2024 in the two tables above include tax benefits related to return-to-provision adjustments for changes in estimates related to prior years based on changes in facts or circumstances (RTP Adjustments), and net adjustments for tax liabilities and uncertainties (discussed below).

Schedule of Primary Components of the Deferred Tax Assets and Liabilities are as Follows

The components of the deferred income taxes are as follows:

			December 31
			2024						2023
Deferred tax assets
Accounting provisions not currently deductible			$	65.1					$	30.4
Pensions and non-pension post-retirement benefits			7.6						5.1
Tax loss carryforwards			357.2						361.0
Other			60.8						77.9
Total gross deferred tax assets			490.7						474.4
Less: valuation allowance			(386.0)						(381.1)
Total net deferred tax assets			104.7						93.3
Deferred tax liabilities
Unrealized foreign exchange gains			16.4						23.1
Property, plant and equipment and intangibles			50.0						55.4
Total deferred tax liabilities			66.4						78.5
Net deferred tax assets/(liabilities)			$	38.3					$	14.8
Comprised of:
Non-current assets			87.7						57.0
Non-current liabilities			49.4						42.2
			$	38.3					$	14.8

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			Year ended December 31
			2024						2023
Balance, beginning of year			$	46.1					$	44.4
Additions, based on current year tax positions			0.2						1.4
Additions, for prior years' tax positions (i)			23.0						9.2
Reductions for prior years' tax positions			(2.7)						(2.9)
Reductions for lapse of statute of limitations			(11.5)						(6.7)
Reductions due to settlements (ii)			(2.4)						(0.2)
Impact of foreign exchange fluctuation			(2.7)						0.9
Balance, end of fiscal year			$	50.0					$	46.1

(i)    This line item in the table above include: (i) for 2024, a $14.0 tax expense for tax uncertainties relating to one of our Asian subsidiaries, and a $5.5 tax expense for tax uncertainties relating to one of our Mexican subsidiaries; and (ii) for 2023, a $4.3 tax expense for tax uncertainties relating to one of our Mexican subsidiaries, and a $3.8 tax expense relating to one of our Asian subsidiaries.

(ii)    This line item for 2024 includes a $2.4 tax recovery relating to the settlement of a tax audit for one of our Asian subsidiaries.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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