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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) before Income Tax, Domestic and Foreign | The sources of income (loss) before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2024, 2023 and 2022 (in millions):
| 2024 |  | 2023 |  | 2022
United States | $ | (1,314.3) |  |  | $ | (63.5) |  |  | $ | (60.2) |
Foreign | 880.7 |  |  | 1,397.0 |  |  | 1,167.4 |
Income (loss) before income taxes and equity in net earnings of affiliates | $ | (433.6) |  |  | $ | 1,333.5 |  |  | $ | 1,107.2 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in millions):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
United States | $ | (2.3) |  |  | $ | 61.2 |  |  | $ | 26.0 |
Foreign | 203.3 |  |  | 433.6 |  |  | 328.6 |
| 201.0 |  |  | 494.8 |  |  | 354.6 |
Deferred: |  |  |  |  |
United States | (126.6) |  |  | (82.8) |  |  | (55.3) |
Foreign | 24.0 |  |  | (181.6) |  |  | (2.7) |
| (102.6) |  |  | (264.4) |  |  | (58.0) |
| $ | 98.4 |  |  | $ | 230.4 |  |  | $ | 296.6 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2024, 2023 and 2022) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 is as follows (in millions):
| 2024 |  | 2023 |  | 2022
Provision for income taxes at United States federal statutory rate | $ | (91.1) |  |  | $ | 280.0 |  |  | $ | 232.5 |
Impairment charges | 108.1 |  |  | — |  |  | — |
State and local income taxes, net of federal income tax effects | (19.8) |  |  | (3.0) |  |  | (2.9) |
Taxes on foreign income which differ from the United States statutory rate(1) | 23.7 |  |  | (193.9) |  |  | 43.6 |
Foreign inclusion, net of foreign tax credits | 42.8 |  |  | 13.5 |  |  | 4.4 |
Tax effect of permanent differences | 13.6 |  |  | (34.0) |  |  | (4.6) |
Change in valuation allowance(1) | 13.1 |  |  | 116.5 |  |  | 0.7 |
Change in tax contingency reserves | 30.1 |  |  | 33.2 |  |  | 25.5 |
Research and development tax credits | (6.4) |  |  | (9.6) |  |  | (6.9) |
Brazil Amnesty Program, net of United States foreign tax credit | — |  |  | 26.4 |  |  | — |
Other, net(2) | (15.7) |  |  | 1.3 |  |  | 4.3 |
| $ | 98.4 |  |  | $ | 230.4 |  |  | $ | 296.6 |
____________________________________ (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. (2) In recent decisions, the Brazilian courts have confirmed a favorable tax ruling regarding the taxability of certain state value added tax incentive benefits, which allowed the Company to record a $29.6 million reduction in the provision for income taxes during the year ended December 31, 2024. Further, in 2024, “Other, net” also includes a provision of approximately $12.7 million related to a noncontrolling interest.
Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in millions):
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Net operating loss carryforwards | $ | 30.3 |  |  | $ | 42.1 |
Sales incentive discounts | 117.8 |  |  | 102.5 |
Inventory valuation reserves | 48.8 |  |  | 50.0 |
Pension and postretirement health care benefits | 15.4 |  |  | 17.9 |
Warranty and other reserves | 122.0 |  |  | 162.8 |
Research and development tax credits | 0.3 |  |  | 5.1 |
Foreign tax credits | 36.0 |  |  | 33.4 |
Swiss tax basis adjustment | 182.8 |  |  | 197.7 |
Investment in affiliates | 67.5 |  |  | — |
Other | 30.6 |  |  | 22.7 |
Total gross deferred tax assets | 651.5 |  |  | 634.2 |
Valuation allowance | (147.2) |  |  | (149.8) |
Total deferred tax assets | 504.3 |  |  | 484.4 |
Deferred Tax Liabilities: |  |  |
Tax over book depreciation and amortization | 62.3 |  |  | 102.5 |
Investment in affiliates | — |  |  | 3.9 |
Other | 6.0 |  |  | 19.0 |
Total deferred tax liabilities | 68.3 |  |  | 125.4 |
Net deferred tax assets | $ | 436.0 |  |  | $ | 359.0 |
Amounts recognized in Consolidated Balance Sheets: |  |  |
Deferred tax assets - noncurrent | $ | 561.0 |  |  | $ | 481.6 |
Deferred tax liabilities - noncurrent | (125.0) |  |  | (122.6) |
| $ | 436.0 |  |  | $ | 359.0 |
Summary of Valuation Allowance | Changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax valuation allowance |  | $ | 149.8 |  |  | $ | — |  |  | $ | 13.1 |  |  | $ | (8.7) |  |  | $ | (7.0) |  |  | $ | 147.2 |
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 |
____________________________________ (1) The amounts recorded to expense in 2024 are primarily related to China and 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 2024, 2023 and 2022. (2) The deductions in 2024 are primarily related to reversal of valuation allowance from the divestiture of the majority of the Company's G&P business. The deductions in 2023 are primarily related to reversal of valuation allowance from the effective utilization of certain tax losses in the Brazil amnesty program.
Schedule of Unrecognized Tax Benefits Roll Forward | 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, 2024 and 2023 is as follows (in millions):
| 2024 |  | 2023
Gross unrecognized income tax benefits at the beginning of the year | $ | 351.2 |  |  | $ | 281.7 |
Additions for tax positions of the current year | 55.8 |  |  | 67.9 |
Additions for tax positions of prior years | 7.4 |  |  | 5.5 |
Reductions for tax positions of prior years for: |  |  |
Changes in judgments | (0.5) |  |  | 2.8 |
Settlements during the year | — |  |  | (15.4) |
Lapses of applicable statute of limitations | (2.4) |  |  | (2.0) |
Foreign currency translation and other | (24.1) |  |  | 10.7 |
Gross unrecognized income tax benefits at the end of the year | $ | 387.4 |  |  | $ | 351.2 |

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