XML 74 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax Domestic and Foreign

Income (loss) from continuing operations before income taxes as shown in the Consolidated Statements of Operations consists of the following:

			Years Ended December 31,
			2023						2022						2021
			(in millions)
Domestic			$	(63.9)					$	(77.2)					$	(1.8)
Foreign			101.6						105.5						67.8
Total			$	37.7					$	28.3					$	66.0

Schedule of Income Tax Expense (Benefit) in Consolidated Statements of Operations From Continuing Operations

A summary of income tax expense (benefit) from continuing operations in the Consolidated Statements of Operations is as follows:

			Years Ended December 31,
			2023						2022						2021
			(in millions)
Current:
Federal			$	12.1					$	15.0					$	(3.7)
Foreign			24.8						23.2						17.8
State			1.6						0.2						0.1
			38.5						38.4						14.2
Deferred:
Federal			(11.0)						(8.9)						2.4
Foreign			1.8						(6.4)						(6.8)
State			1.5						1.3						(1.1)
			(7.7)						(14.0)						(5.5)
Total			$	30.8					$	24.4					$	8.7

Schedule of Deferred Income Tax Assets and Liabilities

Significant components of deferred income tax assets and liabilities are as follows:

			As of December 31,
			2023						2022
			(in millions)
Deferred income tax assets:
Net operating losses and tax credits			$	4.5					$	18.5
Environmental reserves			9.5						10.2
Accruals and reserves			2.8						2.4
Operating leases			11.7						10.8
Interest			4.5						7.1
Compensation and benefits			9.3						8.6
Inventories			5.1						2.9
Capitalization of research and development expense			9.9						2.4
Retained liabilities of previously owned businesses			0.6						0.5
Postretirement benefits other than pensions			0.4						0.3
Other			—						0.1
Gross deferred income tax assets			58.3						63.8
Valuation allowance			(2.7)						(10.7)
Total deferred income tax assets			55.6						53.1
Deferred income tax liabilities:
Depreciation and amortization			(153.3)						(160.6)
Operating leases			(11.7)						(10.8)
Cross currency swap			(0.8)						(2.1)
Pension obligations			(2.4)						(1.6)
Other			(0.3)						—
Total deferred income tax liabilities			(168.5)						(175.1)
Net deferred income tax liabilities			$	(112.9)					$	(122.0)

The net deferred income tax liabilities are reflected on a jurisdictional basis as a component of the December 31, 2023 and 2022 Consolidated Balance Sheet line items noted below:

			As of December 31,
			2023						2022
			(in millions)
Other assets (non-current)			$	7.8					$	12.8
Deferred taxes and non-current income taxes payable			(120.7)						(134.8)
Net deferred income tax liabilities			$	(112.9)					$	(122.0)

Schedule of Reconciliation of Effective Tax Rate

The effective income tax rate from continuing operations varied from the statutory federal income tax rate as follows:

			Percent of Pretax Income Years Ended December 31,
			2023						2022						2021
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
U.S. taxation of foreign profits, net of foreign tax credits			—						—						(5.6)
Research and employment tax credits			(3.6)						(2.2)						(1.1)
State and local taxes			3.0						1.5						(1.2)
Foreign tax rate differences			24.9						8.4						10.1
Statutory changes in tax rates			(1.1)						(1.1)						0.2
Valuation allowance			(1.5)						8.1						(5.1)
Changes in uncertain tax positions			1.8						(3.4)						(9.4)
Goodwill impairment			33.8						48.4						—
Nondeductible expenses			2.3						2.3						4.1
GILTI and FDII			0.2						4.0						(0.4)
Other items, net			0.8						(0.8)						0.8
Effective income tax rate			81.6		%				86.2		%				13.4		%

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits (excluding interest) is as follows:

(in millions)			2023						2022						2021
Balance at beginning of year			$	4.5					$	5.5					$	12.2
Additions based on tax positions related to the current year			0.5						0.2						0.9
Additions for tax positions of prior years			0.2						(0.2)						(0.2)
Reductions as a result of a lapse in the statute of limitations			(0.2)						(1.0)						(2.9)
Reductions as a result of audit/other settlements			—						—						(4.5)
Balance at end of year			$	5.0					$	4.5					$	5.5

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-SubTopic 10
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-19

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration