XML 52 R40.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) from Continuing Operations Before Income Taxes and (Provision for) Benefit from Income Taxes

Income (loss) from continuing operations before income taxes and the (provision for) benefit from income taxes consisted of the following:

			Year ended December 31,
			2022						2021						2020
Income (loss) from continuing operations:
United States			$	(37.7)					$	17.2					$	39.6
Foreign			64.8						52.7						39.0
			$	27.1					$	69.9					$	78.6
(Provision for) benefit from income taxes:
Current:
United States			$	(18.9)					$	(5.4)					$	(0.7)
Foreign			(9.8)						(6.9)						(3.8)
Total current			(28.7)						(12.3)						(4.5)
Deferred and other:
United States			17.2						0.8						(0.3)
Foreign			4.2						0.6						—
Total deferred and other			21.4						1.4						(0.3)
Total provision			$	(7.3)					$	(10.9)					$	(4.8)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax computed at the U.S. federal statutory tax rate to our effective income tax rate was as follows:

			Year ended December 31,
			2022						2021						2020
Tax at U.S. federal statutory rate			21.0		%				21.0		%				21.0		%
State and local taxes, net of U.S. federal benefit			9.6		%				0.4		%				1.8		%
U.S. credits and exemptions			(13.4)		%				(20.4)		%				(4.4)		%
Foreign earnings/losses taxed at different rates			(9.7)		%				12.6		%				(4.6)		%
Nondeductible expenses			7.7		%				3.3		%				2.2		%
Adjustments to uncertain tax positions			(9.4)		%				(2.4)		%				(4.4)		%
Changes in valuation allowance (1)			(19.6)		%				47.9		%				(0.6)		%
Share-based compensation			(6.4)		%				(1.8)		%				(3.6)		%
Capital loss (1)			—		%				(42.5)		%				—		%
Goodwill impairment and basis adjustments			(3.9)		%				7.3		%				—		%
Statutory rate changes			—		%				2.1		%				—		%
Adjustments to contingent consideration			(0.9)		%				(8.9)		%				—		%
Non-deductible loss on Asbestos Portfolio Sale (2)			53.7		%				—		%				—		%
Other			(1.8)		%				(3.0)		%				(1.3)		%
			26.9		%				15.6		%				6.1		%

___________________________________________________________________

(1) During the fourth quarter of 2021, we generated a capital loss in connection with the liquidation of certain recently acquired entities. All but $2.0 of the income tax benefit associated with the capital loss has been reflected in “Gain (loss) from discontinued operations, net of tax” in the accompanying consolidated statement of operations for the year ended December 31, 2021. As such, the capital loss had only a minimal impact on our effective income tax rate for continuing operations during the year ended December 31, 2021.

(2) The income tax benefit associated with the loss of $73.9 on the Asbestos Portfolio Sale totaled $1.1.

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were as follows:

			As of December 31,
			2022						2021
Deferred tax assets:
NOL and credit carryforwards			$	77.3					$	118.6
Pension, other postretirement and postemployment benefits			26.1						31.1
Payroll and compensation			15.6						16.3
Legal, environmental and self-insurance accruals			15.7						35.9
Working capital accruals			17.5						17.0
Research and experimental expenditures			13.6						—
Other			8.1						9.8
Total deferred tax assets			173.9						228.7
Valuation allowance			(69.1)						(89.8)
Net deferred tax assets			104.8						138.9
Deferred tax liabilities:
Intangible assets recorded in acquisitions			84.5						79.4
Basis difference in affiliates			15.3						19.8
Accelerated depreciation			14.4						13.3
Deferred income			—						20.2
Other			16.2						16.8
Total deferred tax liabilities			130.4						149.5
			$	(25.6)					$	(10.6)

Schedule of Changes in Unrecognized Tax Benefits

The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2022, 2021, and 2020 were as follows:

			Year ended December 31,
			2022						2021						2020
Unrecognized tax benefit — opening balance			$	7.1					$	13.6					$	17.2
Gross increases — tax positions in prior period			—						0.7						0.3
Gross decreases — tax positions in prior period			(0.7)						(6.4)						(2.2)
Gross increases — tax positions in current period			0.1						0.2						0.2
Settlements			—						—						(0.3)
Statute expirations			(1.9)						(1.1)						(1.7)
Change due to foreign currency exchange rates			(0.1)						0.1						0.1
Unrecognized tax benefit — ending balance			$	4.5					$	7.1					$	13.6

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration