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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 Taxes | Income before income taxes and non-controlling interests was as follows:
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | 48.7 |  |  | $ | 2.6 |  |  | $ | 125.0 |
Foreign |  | 239.0 |  |  | 126.5 |  |  | 147.0 |
Total |  | $ | 287.7 |  |  | $ | 129.1 |  |  | $ | 272.0 |
Schedule of Components of Income Tax Expense | Income tax expense consisted of the following:
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
U.S.: |  |  |  |  |  |
Federal |  | $ | (1.6) |  |  | $ | 7.9 |  |  | $ | 0.6 |
State and local |  | 2.5 |  |  | 2.7 |  |  | 1.8 |
Foreign |  | 83.1 |  |  | 72.3 |  |  | 68.3 |
Total current |  | 84.0 |  |  | 82.9 |  |  | 70.7 |
Deferred: |  |  |  |  |  |
U.S.: |  |  |  |  |  |
Federal |  | 1.9 |  |  | (57.2) |  |  | 17.5 |
State and local |  | 1.5 |  |  | (0.6) |  |  | 8.3 |
Foreign |  | (42.6) |  |  | (12.1) |  |  | (10.7) |
Total deferred |  | (39.2) |  |  | (69.9) |  |  | 15.1 |
Income tax expense |  | $ | 44.8 |  |  | $ | 13.0 |  |  | $ | 85.8 |
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) |  | 2024 |  | 2023 |  | 2022
U.S. federal statutory tax rate |  | 21 | % |  | 21 | % |  | 21 | %
Taxes computed at U.S. statutory rate |  | $ | 60.4 |  |  | $ | 27.1 |  |  | $ | 57.1 |
State income taxes, net of federal benefit |  | 3.5 |  |  | 1.8 |  |  | 4.6 |
U.S. tax on foreign operations |  | 4.2 |  |  | 1.8 |  |  | 3.2 |
Section 250 deduction |  | (10.5) |  |  | (10.8) |  |  | — |
Foreign tax credits |  | (13.2) |  |  | (8.2) |  |  | — |
Foreign tax on foreign operations |  | 20.8 |  |  | 13.0 |  |  | 13.0 |
Change in valuation allowances |  | (67.3) |  |  | (0.1) |  |  | 6.4 |
Tax on undistributed foreign earnings |  | 0.8 |  |  | 5.1 |  |  | 5.9 |
Changes in uncertain tax positions |  | 6.5 |  |  | 1.9 |  |  | 0.2 |
Non-deductible goodwill impairment and Kuprion Acquisition research and development charge |  | 0.9 |  |  | 20.6 |  |  | — |
Impact of amended U.S. tax returns |  | 12.1 |  |  | (37.3) |  |  | — |
Outside basis difference - Graphics business |  | (22.5) |  |  | — |  |  | — |
Gain on Graphics restructuring |  | 43.6 |  |  | — |  |  | — |
Rate changes |  | 6.3 |  |  | — |  |  | — |
Other, net |  | (0.8) |  |  | (1.9) |  |  | (4.6) |
Income tax expense |  | $ | 44.8 |  |  | $ | 13.0 |  |  | $ | 85.8 |
Effective tax rate |  | 16 | % |  | 10 | % |  | 32 | %
Schedule of Components of Deferred Income Taxes | The components of deferred income taxes at December 31, 2024 and 2023 were as follows:
|  | December 31,
(dollars in millions) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating losses |  | $ | 79.5 |  |  | $ | 87.8 |
Interest carryforward |  | 74.9 |  |  | 81.4 |
Capital loss carryforward |  | 4.2 |  |  | 53.5 |
Tax credits |  | 47.3 |  |  | 64.6 |
Employee benefits |  | 14.4 |  |  | 17.9 |
Research and development costs |  | 30.5 |  |  | 33.2 |
Accrued liabilities |  | 5.3 |  |  | 6.4 |
Outside basis difference - Graphics business |  | 22.5 |  |  | — |
Other |  | 32.7 |  |  | 40.0 |
Total gross deferred tax assets |  | 311.3 |  |  | 384.8 |
Valuation allowances |  | (69.5) |  |  | (143.6) |
Total deferred tax assets |  | 241.8 |  |  | 241.2 |
Deferred tax liabilities: |  |  |  |
Intangible assets |  | 130.6 |  |  | 154.5 |
Property, plant and equipment |  | 26.7 |  |  | 33.2 |
Undistributed foreign earnings |  | 32.9 |  |  | 32.3 |
Goodwill |  | 12.2 |  |  | 9.6 |
Total deferred tax liabilities |  | 202.4 |  |  | 229.6 |
Net deferred tax asset (liability) |  | $ | 39.4 |  |  | $ | 11.6 |
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) |  | 2024 |  | 2023 |  | 2022
Unrecognized tax benefits at beginning of period |  | $ | 111.6 |  |  | $ | 99.8 |  |  | $ | 106.6 |
Additions based upon prior year tax positions |  | 14.9 |  |  | 19.6 |  |  | 1.0 |
Additions based on current year tax positions |  | 13.8 |  |  | 9.6 |  |  | 5.3 |
Reductions for prior period positions |  | (3.4) |  |  | (15.1) |  |  | (5.7) |
Reductions for settlements and payments |  | (3.3) |  |  | (1.6) |  |  | (1.7) |
Reductions due to closed statutes |  | (8.4) |  |  | (1.3) |  |  | (1.9) |
Currency translation adjustment |  | (2.7) |  |  | 0.6 |  |  | (3.8) |
Total unrecognized tax benefits at end of period |  | $ | 122.5 |  |  | $ | 111.6 |  |  | $ | 99.8 |
Schedule of Income Tax Examinations | At December 31, 2024, the following tax years remained subject to examination by the major tax jurisdictions indicated below:
Major Jurisdictions |  | Open Years
China |  | 2018 |  | through current
Germany |  | 2018 |  | through current
Taiwan |  | 2023 |  | through current
United Kingdom |  | 2008, 2021 |  | through current
United States |  | 2021 |  | through current

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