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Income Taxes (Tables)

12 Months Ended

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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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 the change in unrecognized tax benefits.

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