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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income (loss) before income tax

Income before income taxes and non-controlling interests was as follows:

						Year Ended December 31,
(dollars in millions)						2022						2021						2020
Domestic						$	125.0					$	92.0					$	(11.6)
Foreign						147.0						159.7						92.7
Total						$	272.0					$	251.7					$	81.1

Schedule of components of income tax expense

Income tax expense consisted of the following:

						Year Ended December 31,
(dollars in millions)						2022						2021						2020
Current:
U.S.:
Federal						$	0.6					$	(3.9)					$	(0.8)
State and local						1.8						2.9						1.3
Foreign						68.3						96.0						56.8
Total current						70.7						95.0						57.3
Deferred:
U.S.:
Federal						17.5						(1.8)						(40.4)
State and local						8.3						(30.3)						1.1
Foreign						(10.7)						(14.6)						(13.7)
Total deferred						15.1						(46.7)						(53.0)
Income tax expense						$	85.8					$	48.3					$	4.3

Schedule of effective income tax rate reconciliation

Income tax expense differed from the amounts computed by applying the U.S. federal statutory tax rate to pre-tax income, as a result of the following:

						Year Ended December 31,
(dollars in millions)						2022						2021						2020
U.S. federal statutory tax rate						21		%				21		%				21		%
Taxes computed at U.S. statutory rate						$	57.1					$	52.9					$	17.0
State income taxes, net of federal benefit						4.6						5.7						2.1
U.S. tax on foreign operations						3.2						3.9						8.9
Foreign tax on foreign operations						13.0						17.0						7.0
Change in valuation allowances						6.4						(63.6)						(4.2)
Tax on undistributed foreign earnings						5.9						4.7						4.3
Changes in uncertain tax positions						0.2						29.4						8.2
Changes to U.S. tax law						—						—						(40.4)
Other, net						(4.6)						(1.7)						1.4
Income tax expense						$	85.8					$	48.3					$	4.3
Effective tax rate						32		%				19		%				5		%

Schedule of deferred tax assets and liabilities

The components of deferred income taxes at December 31, 2022 and 2021 were as follows:

						December 31,
(dollars in millions)						2022						2021
Deferred tax assets:
Net operating losses						$	98.5					$	121.7
Interest carryforward						39.4						65.3
Capital loss carryforward						54.2						54.0
Tax credits						32.2						34.5
Employee benefits						18.1						22.2
Research and development costs						28.0						25.1
Accrued liabilities						6.3						7.2
Other						49.6						34.3
Total gross deferred tax assets						326.3						364.3
Valuation allowances						(153.2)						(151.4)
Total deferred tax assets						173.1						212.9
Deferred tax liabilities:
Intangible assets						175.6						216.4
Property, plant and equipment						28.1						21.5
Undistributed foreign earnings						28.2						23.7
Goodwill						10.9						9.9
Total deferred tax liabilities						242.8						271.5
Net deferred tax liability						$	69.7					$	58.6

Schedule of unrecognized tax benefits roll forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

						Year Ended December 31,
(dollars in millions)						2022						2021						2020
Unrecognized tax benefits at beginning of period						$	106.6					$	82.5					$	71.2
Additions based upon prior year tax positions						1.0						22.9						1.8
Additions based on current year tax positions						5.3						8.1						14.5
Reductions for prior period positions						(5.7)						(4.9)						(0.1)
Reductions for settlements and payments						(1.7)						(0.1)						(1.1)
Reductions due to closed statutes						(1.9)						(1.0)						(4.6)
Currency translation adjustment						(3.8)						(0.9)						0.9
Total unrecognized tax benefits at end of period						$	99.8					$	106.6					$	82.5

Summary of income tax examinations

At December 31, 2022, the following tax years remained subject to examination by the major tax jurisdictions indicated below:

Major Jurisdictions

Open Years

China

2017

through current

Germany

2017

through current

Taiwan

2018/19, 2021

through current

United Kingdom

2008, 2019

through current

United States

2019

through current

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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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