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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
United States | $ | 75.5 |  |  | $ | (100.9) |  |  | $ | 31.1 |
Foreign | 243.0 |  |  | 158.9 |  |  | 67.8 |
Income from continuing operations before income taxes | $ | 318.5 |  |  | $ | 58.0 |  |  | $ | 98.9 |
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,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 27.4 |  |  | $ | (15.5) |  |  | $ | (1.3) |
State and local | 7.6 |  |  | 6.6 |  |  | 3.5 |
Foreign | 69.7 |  |  | 91.2 |  |  | 15.4 |
Total current | 104.7 |  |  | 82.3 |  |  | 17.6 |
Deferred: |  |  |  |  |
Federal | (21.4) |  |  | 1.5 |  |  | (5.6) |
State and local | 0.7 |  |  | (1.8) |  |  | 1.9 |
Foreign | (5.4) |  |  | (79.0) |  |  | 2.0 |
Total deferred | (26.1) |  |  | (79.3) |  |  | (1.7) |
Total income tax expense, net | $ | 78.6 |  |  | $ | 3.0 |  |  | $ | 15.9 |
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,
| 2024 |  | 2023 |  | 2022
Income tax expense at U.S. statutory rate | $ | 66.8 |  |  | $ | 12.2 |  |  | $ | 20.8 |
State income taxes, net of federal tax benefit | 6.8 |  |  | 3.1 |  |  | 1.5 |
Foreign withholding taxes | 2.4 |  |  | 6.3 |  |  | 0.2 |
U.S. taxation of international operations | (6.1) |  |  | 18.7 |  |  | 1.4 |
Effective tax rate differential of earnings outside of United States | 10.7 |  |  | 2.8 |  |  | 1.7 |
Change in valuation allowance | 3.0 |  |  | (2.0) |  |  | (11.6) |
Research & experimentation | (2.2) |  |  | (2.0) |  |  | (2.9) |
Provision to return | (8.4) |  |  | 0.8 |  |  | 5.0 |
Non-deductible items | (0.8) |  |  | 0.1 |  |  | 0.4 |
Change in uncertain tax positions | 3.7 |  |  | 2.0 |  |  | (0.3) |
Share-based compensation | 2.1 |  |  | 0.1 |  |  | (1.1) |
Capital loss | — |  |  | (40.5) |  |  | — |
Unremitted earnings not permanently reinvested | 0.5 |  |  | 0.9 |  |  | — |
Other items | 0.1 |  |  | 0.5 |  |  | 0.8 |
Income tax expense | $ | 78.6 |  |  | $ | 3.0 |  |  | $ | 15.9 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Deferred tax assets (“DTA”): |  |  |
Accruals and reserves | $ | 13.4 |  |  | $ | 48.7 |
Inventory | 166.8 |  |  | 127.0 |
R&D Amortization | 22.3 |  |  | 18.1 |
Interest limitation carryover | 172.3 |  |  | 126.8 |
Net operating loss carryforwards | 35.5 |  |  | 40.2 |
Property, plant and equipment – net DTA | 6.8 |  |  | 4.4 |
Other – net DTA | 11.5 |  |  | 9.6 |
Total deferred tax assets before valuation allowance | 428.6 |  |  | 374.8 |
Valuation allowances | (98.6) |  |  | (90.3) |
Total deferred tax assets, net of valuation allowances | $ | 330.0 |  |  | $ | 284.5 |
Deferred tax liabilities (“DTL”): |  |  |
Property, plant and equipment – net DTL | $ | 54.5 |  |  | $ | 58.6 |
Goodwill and intangible assets | 587.4 |  |  | 629.0 |
Pensions | 6.2 |  |  | 6.4 |
Unremitted earnings (APB23) | 20.2 |  |  | 19.7 |
Other – net DTL | 9.3 |  |  | 2.9 |
Deferred revenue | 167.4 |  |  | 123.5 |
Total deferred tax liabilities | $ | 845.0 |  |  | $ | 840.1 |
Net deferred tax liabilities | $ | 515.0 |  |  | $ | 555.6 |
The net deferred tax liability is classified as follows: |  |  |
Other assets | $ | (29.9) |  |  | $ | (12.6) |
Long-term deferred tax liabilities | 544.9 |  |  | 568.2 |
Net deferred tax liabilities | $ | 515.0 |  |  | $ | 555.6 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The reconciliation of beginning to ending gross unrecognized tax benefits is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at beginning of the year | $ | 37.0 |  |  | $ | 0.7 |  |  | $ | 1.7 |
Additions for tax positions acquired during the current period | — |  |  | 34.4 |  |  | — |
Additions for tax positions taken during the prior period | 14.1 |  |  | 3.7 |  |  | — |
Reductions for tax positions taken during the current period | (0.1) |  |  | — |  |  | — |
Reductions relating to settlements with taxing authorities | (0.6) |  |  | (1.6) |  |  | (0.3) |
Lapse of statutes of limitation | (0.1) |  |  | (0.2) |  |  | (0.7) |
Unrecognized tax benefits at end of the year | $ | 50.3 |  |  | $ | 37.0 |  |  | $ | 0.7 |

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