XML 72 R49.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below: 

			Year Ended December 31,
(in Millions)			2024						2023						2022
Domestic			$	(271.6)					$	(312.7)					$	(89.6)
Foreign			524.1						612.9						1,073.5
Total			$	252.5					$	300.2					$	983.9

Schedule of Components Of Income Tax Expense (Benefit)

The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of: 

			Year Ended December 31,
(in Millions)			2024						2023						2022
Current:
Federal			$	28.2					$	58.5					$	45.7
Foreign			160.2						113.9						152.1
State			1.0						1.1						0.1
Total current			$	189.4					$	173.5					$	197.9
Deferred:
Federal			$	(66.0)					$	(82.7)					$	(28.6)
Foreign			(271.9)						(1,212.0)						(27.4)
State			(2.4)						1.9						3.3
Total deferred			$	(340.3)					$	(1,292.8)					$	(52.7)
Total			$	(150.9)					$	(1,119.3)					$	145.2

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table: 

			Year Ended December 31,
(in Millions)			2024						2023						2022
U.S. Federal statutory rate			$	53.0					$	63.0					$	206.6
Foreign earnings subject to different tax rates (1)			(137.3)						(130.7)						(152.7)
State and local income taxes, less federal income tax benefit			(7.7)						2.5						5.5
Research and development and miscellaneous tax credits			(5.7)						(5.4)						(5.7)
Tax on dividends, deemed dividends, and GILTI (2)			41.9						37.0						24.6
Changes to unrecognized tax benefits			9.6						10.5						10.5
Nondeductible expenses			9.3						9.3						19.6
Change in valuation allowance (3)			639.7						172.5						71.3
Exchange gains and losses (4)			30.3						(18.4)						(12.0)
Impact of Switzerland tax incentives (5)			(645.0)						(1,149.2)						—
Other (6)			(139.0)						(110.4)						(22.5)
Total Tax Provision			$	(150.9)					$	(1,119.3)					$	145.2

___________________________

(1)A significant amount of our earnings is generated by our foreign subsidiaries (e.g., Switzerland, Singapore, Hong Kong), which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions.

(2)The years ended December 31, 2024, 2023, and 2022 includes tax expense of $18.1 million, $25.5 million, and $17.8 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions.

(3)The year ended December 31, 2024 is primarily related to the estimated portion of nonrefundable tax credits within our Swiss operations that are not expected to be utilized, the impact of the step-up in tax basis to the fair value of the transferred intellectual property by the Company’s Swiss subsidiary, and net operating losses within our full valuation allowance Luxembourg operations. The year ended December 31, 2023 is primarily related to the estimated portion of nonrefundable tax credits within our Swiss operations that are not expected to be utilized and net operating losses and other deferred tax assets within our Argentina operations, partially offset by the release of the valuation allowance within our Brazil operations, as described further below. The year ended December 31, 2022 is primarily related to net operating losses and other deferred tax assets within our Brazil and Argentina operations.

(4)Includes the impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes.

(5)The year ended December 31, 2024 represents the recognition of a step-up in tax basis to the fair value of the transferred intellectual property by the Company's Swiss subsidiary. The year ended December 31, 2023 is related to ten-year nonrefundable tax credits granted to the Company's Swiss subsidiaries, as discussed above.

(6)The year ended December 31, 2024 includes a U.S. capital loss in the amount of $38.6 million and additional amounts materially attributable to internal restructuring in our full valuation allowance Luxembourg entities. The year ended December 31, 2023 includes a net decrease of approximately $120 million related to adjustments of deferred tax balances in Singapore, Puerto Rico, and Switzerland. The year ended December 31, 2022 included a $39.7 million decrease related to certain deferred tax liabilities as a result of the extension of our incentive tax rate in Puerto Rico.

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities were attributable to:

			December 31,
(in Millions)			2024						2023
Reserves for discontinued operations, environmental and restructuring			$	190.1					$	144.7
Accrued pension and other postretirement benefits			5.3						9.8
Capital loss, foreign tax and other credit carryforwards			1,128.1						1,136.0
Net operating loss carryforwards			564.1						411.2
Deferred expenditures capitalized for tax			108.6						94.5
Intangibles, Property, plant and equipment, and Investments, net			387.9						—
Other accruals and reserves			267.5						234.0
Deferred tax assets			$	2,651.6					$	2,030.2
Valuation allowance, net			(1,213.8)						(588.4)
Deferred tax assets, net of valuation allowance			$	1,437.8					$	1,441.8
Intangibles, Property, plant and equipment, and Investments, net			—						263.3
Deferred tax liabilities			$	—					$	263.3
Net deferred tax assets (liabilities)			$	1,437.8					$	1,178.5

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 

			December 31,
(in Millions)			2024						2023						2022
Balance at beginning of year			$	51.2					$	46.1					$	41.9
Increases related to positions taken in the current year			8.6						2.4						4.8
Increases and decreases related to positions taken in prior years			(1.2)						3.5						2.9
Decreases related to lapse of statutes of limitations			(5.5)						(0.8)						(3.5)
Settlements during the current year			—						—						—
Decreases for tax positions on dispositions			—						—						—
Balance at end of year (1)			$	53.1					$	51.2					$	46.1

___________________________

(1)At December 31, 2024, 2023, and 2022 we recognized an offsetting non-current asset of $10.5 million, $12.9 million, and $12.8 million respectively, relating to the indirect income tax benefits associated with specific uncertain tax positions presented above.

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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 of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

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