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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of domestic and foreign components of income (loss) before taxes | The domestic and foreign components of income (loss) before income taxes for the years ended December 31 (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | (250.2 | ) |  | $ | 0.7 |  |  | $ | (13.3 | )
Foreign |  |  | 457.1 |  |  |  | 543.5 |  |  |  | 427.2 |
Total income before provision for income taxes |  | $ | 206.9 |  |  | $ | 544.2 |  |  | $ | 413.9 |
Components of income tax provision | The components of the income tax provision for the years ended December 31 (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  | $ | 7.3 |  |  | $ | 2.3 |  |  | $ | (10.4 | )
State |  |  | 3.7 |  |  |  | 2.4 |  |  |  | 2.5 |
Foreign |  |  | 144.2 |  |  |  | 138.7 |  |  |  | 135.3 |
Total current income tax expense |  |  | 155.2 |  |  |  | 143.4 |  |  |  | 127.4 |
Deferred income tax (benefit) expense : |  |  |  |  |  |  |  |  |
Federal |  |  | (45.2 | ) |  |  | (18.1 | ) |  |  | (3.1 | )
State |  |  | (4.3 | ) |  |  | (4.8 | ) |  |  | (1.7 | )
Foreign |  |  | (14.3 | ) |  |  | (2.8 | ) |  |  | (6.2 | )
Total deferred income tax benefit |  |  | (63.8 | ) |  |  | (25.7 | ) |  |  | (11.0 | )
Income tax provision |  | $ | 91.4 |  |  | $ | 117.7 |  |  | $ | 116.4 |
Schedule of significant components due to which income tax provision differs from the tax provision computed at the U.S. federal statutory rate | The income tax provision differs from the tax provision computed at the U.S. federal statutory rate due to the following significant components:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Foreign tax rate differential |  |  | 6.6 | % |  |  | 3.5 | % |  |  | 5.2 | %
Permanent differences |  |  | 3.3 | % |  |  | 2.1 | % |  |  | 1.1 | %
Contingent liability |  |  | 4.8 | % |  |  | — |  |  |  | — |
U.S. tax on foreign earnings |  |  | 5.4 | % |  |  | 1.0 | % |  |  | (0.1 | )%
Stock compensation |  |  | (0.6 | )% |  |  | (0.3 | )% |  |  | (0.6 | )%
Tax contingencies |  |  | 2.2 | % |  |  | — |  |  |  | 3.3 | %
Change in tax rates |  |  | (1.0 | )% |  |  | 0.1 | % |  |  | 0.1 | %
Repatriation of foreign earnings |  |  | 1.7 | % |  |  | 1.0 | % |  |  | 0.2 | %
State income taxes, net of federal benefits |  |  | (1.0 | )% |  |  | (0.6 | )% |  |  | 0.2 | %
Research and development credits |  |  | (8.6 | )% |  |  | (2.0 | )% |  |  | (2.1 | )%
Tax impact on bargain purchase gain |  |  | 0.8 | % |  |  | (5.6 | )% |  |  | — |
Return to provision adjustments |  |  | 3.1 | % |  |  | 0.3 | % |  |  | (0.5 | )%
Withholding taxes and other taxes |  |  | 3.2 | % |  |  | — |  |  |  | 0.3 | %
Other |  |  | 1.1 | % |  |  | (0.2 | )% |  |  | 0.1 | %
Change in valuation allowance |  |  | 2.2 | % |  |  | 1.3 | % |  |  | (0.1 | )%
Effective tax rate |  |  | 44.2 | % |  |  | 21.6 | % |  |  | 28.1 | %
Schedule of tax effect of temporary items that give rise to significant portions of deferred tax assets and liabilities | The tax effect of temporary items that give rise to significant portions of the deferred tax assets and liabilities are as follows (in millions):
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Accrued expenses |  | $ | 9.8 |  |  | $ | 5.8 |
Compensation |  |  | 32.7 |  |  |  | 20.5 |
Section 174 capitalization |  |  | 68.2 |  |  |  | 50.5 |
Disallowed interest carryforwards |  |  | 56.7 |  |  |  | 20.7 |
Net operating loss carryforwards |  |  | 200.8 |  |  |  | 180.5 |
Foreign tax and other tax credit carryforwards |  |  | 24.3 |  |  |  | 16.7 |
Unrealized currency gain/loss |  |  | 24.4 |  |  |  | 18.6 |
Inventory |  |  | 3.3 |  |  |  | 5.5 |
Hedge unrealized FX gain/loss |  |  | 1.5 |  |  |  | 22.5 |
Lease liabilities |  |  | 35.6 |  |  |  | 22.8 |
Other |  |  | 10.4 |  |  |  | 7.5 |
Gross deferred tax assets |  |  | 467.7 |  |  |  | 371.6 |
Less valuation allowance |  |  | (60.4 | ) |  |  | (13.8 | )
Total deferred tax assets |  |  | 407.3 |  |  |  | 357.8 |
Deferred tax liabilities: |  |  |  |  |  |
Accounts payable |  |  | — |  |  |  | 6.6 |
Deferred revenue |  |  | 0.7 |  |  |  | 2.6 |
Fixed assets |  |  | 16.4 |  |  |  | 17.2 |
Foreign patent reserves |  |  | 0.8 |  |  |  | 1.8 |
Intangibles |  |  | 172.1 |  |  |  | 64.1 |
Accrued expenses |  |  | 4.5 |  |  |  | 3.1 |
Accrued withholding tax |  |  | 9.6 |  |  |  | 10.2 |
Right-of-use asset |  |  | 35.5 |  |  |  | 21.5 |
Other |  |  | — |  |  |  | 1.1 |
Total deferred tax liabilities |  |  | 239.6 |  |  |  | 128.2 |
Net deferred tax assets |  | $ | 167.7 |  |  | $ | 229.6 |
Schedule of changes in the valuation allowance for deferred tax assets |
Balance at December 31, 2021 |  | $ | 7.1 |
Decreases recorded for valuation allowance release |  |  | (0.5 | )
Balance at December 31, 2022 |  |  | 6.6 |
Increases recorded as an expense to income tax provision |  |  | 7.2 |
Balance at December 31, 2023 |  |  | 13.8 |
Increases recorded as an expense to income tax provision |  |  | 3.8 |
Increases recorded through purchase accounting |  |  | 42.8 |
Balance at December 31, 2024 |  | $ | 60.4 |
Tabular reconciliation of the beginning and ending amount of unrecognized tax benefits |
Gross unrecognized tax benefits at December 31, 2021 |  | $ | 51.4 |
Gross decreases—tax positions in prior periods |  |  | (8.2 | )
Gross increases—current period tax positions |  |  | 11.7 |
Gross unrecognized tax benefits at December 31, 2022 |  |  | 54.9 |
Gross decreases—tax positions in prior periods |  |  | (3.8 | )
Gross increases—current period tax positions |  |  | 7.4 |
Gross unrecognized tax benefits at December 31, 2023 |  |  | 58.5 |
Gross decreases—tax positions in prior periods |  |  | (1.8 | )
Gross increases—current period tax positions |  |  | 7.0 |
Gross unrecognized tax benefits at December 31, 2024 |  | $ | 63.7 |

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