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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes consists of the following:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
United States | $ | (100.9) |  |  | $ | 31.1 |  |  | $ | 25.9 |
Foreign | 158.9 |  |  | 67.8 |  |  | 48.2 |
Income from continuing operations before income taxes | $ | 58.0 |  |  | $ | 98.9 |  |  | $ | 74.1 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of income tax expense (benefit), net are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | (15.5) |  |  | $ | (1.3) |  |  | $ | 1.7 |
State and local | 6.6 |  |  | 3.5 |  |  | 3.2 |
Foreign | 91.2 |  |  | 15.4 |  |  | 16.5 |
Total current | 82.3 |  |  | 17.6 |  |  | 21.4 |
Deferred: |  |  |  |  |
Federal | 1.5 |  |  | (5.6) |  |  | (5.8) |
State and local | (1.8) |  |  | 1.9 |  |  | 1.1 |
Foreign | (79.0) |  |  | 2.0 |  |  | (3.2) |
Total deferred | (79.3) |  |  | (1.7) |  |  | (7.9) |
Total income tax expense, net | $ | 3.0 |  |  | $ | 15.9 |  |  | $ | 13.5 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Income tax expense at U.S. statutory rate | $ | 12.2 |  |  | $ | 20.8 |  |  | $ | 15.6 |
State income taxes, net of federal tax benefit | 3.1 |  |  | 1.5 |  |  | 3.1 |
Foreign withholding taxes | 6.3 |  |  | 0.2 |  |  | 1.6 |
U.S. taxation of international operations | 18.7 |  |  | 1.4 |  |  | (0.3) |
Effective tax rate differential of earnings outside of United States | 2.8 |  |  | 1.7 |  |  | 1.8 |
Change in valuation allowance | (2.0) |  |  | (11.6) |  |  | (5.9) |
Research & experimentation | (2.0) |  |  | (2.9) |  |  | (1.0) |
Provision to return | 0.8 |  |  | 5.0 |  |  | 0.3 |
Non-deductible items | 0.1 |  |  | 0.4 |  |  | 2.4 |
Change in uncertain tax positions | 2.0 |  |  | (0.3) |  |  | (0.2) |
Share-based compensation | 0.1 |  |  | (1.1) |  |  | (4.1) |
Capital (loss) | (40.5) |  |  | — |  |  | — |
Unremitted earnings not permanently reinvested | 0.9 |  |  | — |  |  | — |
Other items | 0.5 |  |  | 0.8 |  |  | 0.2 |
Income tax expense | $ | 3.0 |  |  | $ | 15.9 |  |  | $ | 13.5 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
| December 31,
| 2023 |  | 2022
Deferred tax assets (“DTA”): |  |  |
Accruals and reserves | $ | 48.2 |  |  | $ | 5.1 |
Loss contingency | 0.5 |  |  | 70.3 |
Pensions | — |  |  | 0.2 |
Inventory | 127.0 |  |  | 78.1 |
Share-based compensation | 2.6 |  |  | 2.3 |
R&D Amortization | 18.1 |  |  | 7.4 |
Tax credit carryforwards | 2.6 |  |  | 8.2 |
Interest limitation carryover | 126.8 |  |  | 5.5 |
Foreign net operating loss carryforwards | 36.0 |  |  | 8.7 |
State net operating loss carryforwards | 4.2 |  |  | 2.1 |
Convertible notes | 2.2 |  |  | 4.3 |
Property, plant and equipment – net DTA | 4.4 |  |  | 5.2 |
Other – net DTA | 2.2 |  |  | 2.9 |
Total deferred tax assets before valuation allowances | 374.8 |  |  | 200.3 |
Valuation allowances | (90.3) |  |  | (5.4) |
Total deferred tax assets, net of valuation allowances | $ | 284.5 |  |  | $ | 194.9 |
Deferred tax liabilities (“DTL”): |  |  |
Property, plant and equipment – net DTL | $ | 58.6 |  |  | $ | 26.0 |
Goodwill and intangible assets | 629.0 |  |  | 77.0 |
Pensions | 6.4 |  |  | — |
Insurance receivable | — |  |  | 53.5 |
Unremitted earnings (APB23) | 19.7 |  |  | — |
Other – net DTL | 0.6 |  |  | 3.1 |
Investments | 2.3 |  |  | 4.5 |
Deferred revenue | 123.5 |  |  | 72.0 |
Total deferred tax liabilities | $ | 840.1 |  |  | $ | 236.1 |
Net deferred tax liabilities | $ | 555.6 |  |  | $ | 41.2 |
The net deferred tax liability is classified as follows: |  |  |
Other assets | $ | (12.6) |  |  | $ | (4.9) |
Long-term deferred tax liabilities | 568.2 |  |  | 46.1 |
Net deferred tax liabilities | $ | 555.6 |  |  | $ | 41.2 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The reconciliation of beginning to ending gross unrecognized tax benefits is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Unrecognized tax benefits at beginning of the year | $ | 0.7 |  |  | $ | 1.7 |  |  | $ | 1.9 |
Additions for tax positions acquired during the current period | 34.4 |  |  | — |  |  | — |
Additions (reductions) for tax positions taken during the prior period | 3.7 |  |  | — |  |  | 0.4 |
Reductions relating to settlements with taxing authorities | (1.6) |  |  | (0.3) |  |  | — |
Lapse of statutes of limitation | (0.2) |  |  | (0.7) |  |  | (0.6) |
Unrecognized tax benefits at end of the year | $ | 37.0 |  |  | $ | 0.7 |  |  | $ | 1.7 |

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