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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

U.S. and international components of income before taxes [Table Text Block]

The U.S. and international components of income before taxes are as follows (in millions):

						Year Ended December 31,
						2023						2022						2021
U.S.						$	(31.0)					$	(2,403.4)					$	2,941.8
International						(819.1)						(2,300.9)						2,507.3
Income (loss) before taxes						$	(850.1)					$	(4,704.3)					$	5,449.1

Provision for income taxes [Table Text Block]

The (benefit from) provision for income taxes consists of the following (in millions):

						Year Ended December 31,
						2023						2022						2021
Current tax expense:
U.S. Federal						$	73.8					$	112.8					$	72.4
State						12.0						20.1						9.2
International						17.4						24.1						32.6
Current tax expense						103.2						157.0						114.2
Deferred tax (benefit) expense:
U.S. Federal						(291.7)						(1,121.3)						983.5
State						(15.7)						(83.6)						69.3
International						(15.2)						(36.7)						32.1
Deferred tax expense						(322.6)						(1,241.6)						1,084.9
Non-current tax expense (benefit)						6.6						7.9						(4.3)
(Benefit from) provision for income taxes						$	(212.8)					$	(1,076.7)					$	1,194.8

Reconcilation of effective tax rate on inocme before taxes and statutory rate [Table Text Block]

The reconciliation between our effective tax rate on income before taxes and the statutory tax rate is as follows:

						Year Ended December 31,
						2023						2022						2021
U. S. statutory tax rate						21.0		%				21.0		%				21.0		%
Impact of foreign operations						(20.4)						(10.0)						(8.6)
U.S. taxation of foreign income						23.8						10.5						8.9
State taxes						2.4						1.1						1.3
Other						(1.8)						0.3						(0.7)
(Benefit from) provision for income taxes						25.0		%				22.9		%				21.9		%

Significant components of deferred tax assets and liabilities [Table Text Block]

Deferred tax assets and liabilities reflect the tax effects of losses, credits, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities are as follows (in millions):

						December 31,
						2023						2022
Deferred tax assets:
Bad debt, inventory and warranty accruals						$	29.4					$	30.8
Other post-employment benefits, vacation and other reserves						17.5						15.7
Tax credit and net operating loss carryforwards						126.4						128.2
Lease obligations						41.9						40.8
Other						48.8						53.2
Total gross deferred tax assets						264.0						268.7
Valuation allowance						(53.2)						(72.8)
Total deferred tax assets						210.8						195.9
Deferred tax liabilities:
Property and equipment						40.4						39.5
Lease assets						38.4						38.7
Investments and intangible assets						1,565.0						1,842.8
Total deferred tax liabilities						1,643.8						1,921.0
Net deferred tax liabilities						$	(1,433.0)					$	(1,725.1)

Tabular reconcilation of total amounts of unrecognized tax benefits [Table Text Block]

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in millions):

						2023						2022						2021
Unrecognized tax benefits – January 1						$	85.5					$	61.9					$	55.8
Additions to tax positions related to prior years						0.2						18.1						3.2
Reductions to tax positions related to prior years						(12.8)						(0.2)						(2.1)
Additions to tax positions related to the current year						11.6						9.8						18.1
Settlements						(0.2)						(2.2)						(2.4)
Lapse of statute of limitations						(0.9)						(0.8)						(10.8)
Foreign currency adjustments						1.3						(1.1)						0.1
Unrecognized tax benefits – December 31						$	84.7					$	85.5					$	61.9

Summary of Valuation Allowance

The valuation allowance for deferred tax assets is as follows (in millions):

									December 31,
									2023																		2022																		2021
Beginning balance									$			72.8															$			46.4															$			44.6
Additions charged to expenses												—																		26.4																		1.8
Deductions from reserves												(19.6)																		—																		—
Ending balance									$			53.2															$			72.8															$			46.4

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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