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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Income (loss) from continuing operations: |  |  |  |  |
United States | $ | 172.2 |  |  | $ | 118.0 |  |  | $ | (37.7) |
Foreign | 83.2 |  |  | 68.3 |  |  | 64.8 |
| $ | 255.4 |  |  | $ | 186.3 |  |  | $ | 27.1 |
Provision for income taxes: |  |  |  |  |
Current: |  |  |  |  |
United States | $ | (47.5) |  |  | $ | (51.1) |  |  | $ | (18.9) |
Foreign | (21.2) |  |  | (15.7) |  |  | (9.8) |
Total current | (68.7) |  |  | (66.8) |  |  | (28.7) |
Deferred and other: |  |  |  |  |
United States | 7.1 |  |  | 21.3 |  |  | 17.2 |
Foreign | 8.0 |  |  | 3.9 |  |  | 4.2 |
Total deferred and other | 15.1 |  |  | 25.2 |  |  | 21.4 |
Total provision | $ | (53.6) |  |  | $ | (41.6) |  |  | $ | (7.3) |
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,
| 2024 |  | 2023 |  | 2022
Tax at U.S. federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local taxes, net of U.S. federal benefit | 3.6 | % |  | 3.5 | % |  | 9.6 | %
U.S. credits and exemptions | (1.9) | % |  | (2.1) | % |  | (13.4) | %
Foreign earnings/losses taxed at different rates | 1.4 | % |  | 0.6 | % |  | (9.7) | %
Nondeductible expenses | 1.2 | % |  | 2.0 | % |  | 7.7 | %
Adjustments to uncertain tax positions | 0.4 | % |  | (0.6) | % |  | (9.4) | %
Changes in valuation allowance | (0.4) | % |  | (1.0) | % |  | (19.6) | %
Share-based compensation | (4.3) | % |  | (1.0) | % |  | (6.4) | %
Goodwill impairment and basis adjustments | — | % |  | — | % |  | (3.9) | %
Adjustments to contingent consideration | — | % |  | — | % |  | (0.9) | %
Non-deductible loss on Asbestos Portfolio Sale (1) | — | % |  | — | % |  | 53.7 | %
Other | — | % |  | (0.1) | % |  | (1.8) | %
| 21.0 | % |  | 22.3 | % |  | 26.9 | %
___________________________________________________________________ (1) 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,
| 2024 |  | 2023
Deferred tax assets: |  |  |
NOL and credit carryforwards | $ | 84.6 |  |  | $ | 88.9 |
Pension, other postretirement and postemployment benefits | 25.9 |  |  | 26.8 |
Payroll and compensation | 18.0 |  |  | 18.6 |
Legal, environmental and self-insurance accruals | 11.8 |  |  | 23.4 |
Working capital accruals | 27.0 |  |  | 20.0 |
Research and experimental expenditures | 35.9 |  |  | 25.6 |
Other | 5.6 |  |  | 4.3 |
Total deferred tax assets | 208.8 |  |  | 207.6 |
Valuation allowance | (77.0) |  |  | (75.2) |
Net deferred tax assets | 131.8 |  |  | 132.4 |
Deferred tax liabilities: |  |  |
Intangible assets recorded in acquisitions | 171.8 |  |  | 159.4 |
Basis difference in affiliates | 15.9 |  |  | 17.4 |
Accelerated depreciation | 30.0 |  |  | 16.1 |
Other | 4.4 |  |  | 9.0 |
Total deferred tax liabilities | 222.1 |  |  | 201.9 |
| $ | (90.3) |  |  | $ | (69.5) |
Schedule of Unrecognized Tax Benefits Roll Forward | The aggregate changes in the balance of unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022 were as follows:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefit — opening balance | $ | 2.2 |  |  | $ | 4.5 |  |  | $ | 7.1 |
Gross increases — tax positions in prior period | 1.4 |  |  | — |  |  | — |
Gross decreases — tax positions in prior period | — |  |  | (1.1) |  |  | (0.7) |
Gross increases — tax positions in current period | 0.5 |  |  | 0.1 |  |  | 0.1 |
Settlements | — |  |  | (1.0) |  |  | — |
Statute expirations | (0.4) |  |  | (0.3) |  |  | (1.9) |
Change due to foreign currency exchange rates | — |  |  | — |  |  | (0.1) |
Unrecognized tax benefit — ending balance | $ | 3.7 |  |  | $ | 2.2 |  |  | $ | 4.5 |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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