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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2023, 2022 and 2021 (in millions):

			2023						2022						2021
United States			$	(63.5)					$	(60.2)					$	46.8
Foreign			1,397.0						1,167.4						897.5
Income before income taxes and equity in net earnings of affiliates			$	1,333.5					$	1,107.2					$	944.3

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in millions):

			2023						2022						2021
Current:
United States			$	61.2					$	26.0					$	3.4
Foreign			433.6						328.6						222.9
			494.8						354.6						226.3
Deferred:
United States			(82.8)						(55.3)						(70.0)
Foreign			(181.6)						(2.7)						(47.9)
			(264.4)						(58.0)						(117.9)
			$	230.4					$	296.6					$	108.4

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2023, 2022 and 2021) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):

			2023						2022						2021
Provision for income taxes at United States federal statutory rate			$	280.0					$	232.5					$	198.3
State and local income taxes, net of federal income tax effects			(3.0)						(2.9)						2.2
Taxes on foreign income which differ from the United States statutory rate(1)			(193.9)						43.6						16.2
Tax effect of permanent differences			(20.5)						(0.2)						(6.4)
Change in valuation allowance(1)			116.5						0.7						(130.8)
Change in tax contingency reserves			33.2						25.5						36.6
Research and development tax credits			(9.6)						(6.9)						(7.4)
Brazil Amnesty Program, net of United States foreign tax credit			26.4						—						—
Other			1.3						4.3						(0.3)
			$	230.4					$	296.6					$	108.4

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(1) In 2023, a gross deferred tax asset of $197.7 million less a valuation allowance of $85.4 million was recognized to reflect future Swiss tax incentives the Company anticipates it will be able to utilize by 2034 when the incentive expires.

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows (in millions):

			2023						2022
Deferred Tax Assets:
Net operating loss carryforwards			$	42.1					$	45.9
Sales incentive discounts			102.5						46.3
Inventory valuation reserves			50.0						34.4
Pensions and postretirement health care benefits			17.9						19.7
Warranty and other reserves			162.8						127.7
Research and development tax credits			5.1						6.9
Foreign tax credits			33.4						4.7
Swiss tax basis adjustment			197.7						—
Other			22.7						15.6
Total gross deferred tax assets			634.2						301.2
Valuation allowance			(149.8)						(47.3)
Total deferred tax assets			484.4						253.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization			102.5						123.6
Investment in affiliates			3.9						11.3
Other			19.0						2.5
Total deferred tax liabilities			125.4						137.4
Net deferred tax assets			$	359.0					$	116.5
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent			$	481.6					$	228.5
Deferred tax liabilities - noncurrent			(122.6)						(112.0)
			$	359.0					$	116.5

Summary of Valuation Allowance

Changes in the valuation allowance during the years ended December 31, 2023, 2022 and 2021 are summarized as follows (in millions):

												Additions
Description						Balance at Beginning of Period						Acquired Businesses						Charged (Credited) to Costs and Expenses(1)						Deductions(2)						Foreign Currency Translation						Balance at End of Period
Year ended December 31, 2023
Deferred tax valuation allowance						$	47.3					$	—					$	116.5					$	(16.7)					$	2.7					$	149.8
Year ended December 31, 2022
Deferred tax valuation allowance						$	47.4					$	—					$	0.7					$	—					$	(0.8)					$	47.3
Year ended December 31, 2021
Deferred tax valuation allowance						$	181.0					$	0.4					$	(130.8)					$	—					$	(3.2)					$	47.4

(1) The amounts recorded to expense in 2023 are primarily related to Switzerland and the U.S. There were no amounts credited or charged through other comprehensive income during 2023, 2022 and 2021.

(2) The deductions are primarily related to reversal of valuation allowance from the effective utilization of certain tax losses in the Brazil amnesty program during 2023.

Summary of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2023 and 2022 is as follows (in millions):

			2023						2022
Gross unrecognized income tax benefits at the beginning of the year			$	281.7					$	246.4
Additions for tax positions of the current year			67.9						51.7
Additions for tax positions of prior years			5.5						3.9
Reductions for tax positions of prior years for:
Changes in judgments			2.8						(6.5)
Settlements during the year			(15.4)						(0.6)
Lapses of applicable statute of limitations			(2.0)						(1.2)
Foreign currency translation and other			10.7						(12.0)
Gross unrecognized income tax benefits at the end of the year			$	351.2					$	281.7

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