XML 45 R29.htm IDEA: XBRL DOCUMENT v3.22.4

INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) from continuing operations before income taxes are as follows (in millions):

						Year Ended December 31,
						2022						2021						2020
U.S.						$	(19.7)					$	(16.7)					$	(148.8)
Foreign						386.3						280.5						159.8
Income (loss) from continuing operations before income taxes						$	366.6					$	263.8					$	11.0

Schedule of Components of Income Tax Expense (Benefit)

The major components of the Company’s provision for (benefit from) income taxes on continuing operations before income taxes are summarized below (in millions):

						Year Ended December 31,
						2022						2021						2020
Current:
Federal						$	6.9					$	6.6					$	(27.1)
State						1.3						1.8						2.3
Foreign						58.8						36.7						21.3
Current income tax provision (benefit)						67.0						45.1						(3.5)
Deferred:
Federal						6.9						(3.8)						1.2
State						1.8						1.5						4.3
Foreign						(9.3)						3.5						—
Deferred income tax (benefit) provision						(0.6)						1.2						5.5
Provision for (benefit from) income taxes						$	66.4					$	46.3					$	2.0

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the basis differences between tax and financial reporting purposes for assets, liabilities and loss carry forwards as of December 31, 2022 and 2021 for continuing operations are summarized below for major balance sheet captions (in millions):

						2022						2021
Property, plant and equipment						$	(19.8)					$	(16.1)
Intangibles						(8.1)						(6.8)
Inventories						5.9						6.7
Accrued warranties and product liability						9.9						10.8
Loss carry forwards						152.0						184.4
Retirement plans						10.1						11.3
Accrued compensation and benefits						17.1						15.8
Operating lease right-of-use asset						(22.0)						(23.5)
Operating lease liability						23.5						23.8
Other						18.0						24.1
Deferred tax assets valuation allowance						(63.0)						(100.0)
Net deferred tax assets (liabilities)						$	123.6					$	130.5

Schedule of Effective Income Tax Rate Reconciliation

The Company’s Provision for (benefit from) income taxes is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s Income (loss) from continuing operations before income taxes. The reasons for the difference are summarized as follows (in millions):

						Year Ended December 31,
						2022						2021						2020
Tax at statutory federal income tax rate						$	77.0					$	55.4					$	2.3
State taxes						2.4						2.7						5.2
Change in valuation allowance						(21.0)						(9.0)						—
Foreign tax differential on income/losses of foreign subsidiaries						(10.2)						(12.0)						(13.0)
U.S. tax on multi-national operations						10.1						8.1						17.6
Change in foreign tax rates						—						(0.6)						0.7
U.S. tax legislation						—						—						(10.9)
Research and development						(1.0)						(0.8)						(1.2)
Provision to return adjustments						6.8						0.5						(1.7)
Compensation						2.1						1.8						3.1
Other						0.2						0.2						(0.1)
Provision for (benefit from) income taxes						$	66.4					$	46.3					$	2.0

Summary of Income Tax Contingencies

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions).

Balance as of January 1, 2020			$	14.3
Additions for current year tax positions			—
Additions for prior year tax positions			9.2
Reductions for prior year tax positions			(3.7)
Reductions for current year tax positions			—
Reductions for expiration of statute of limitations			—
Settlements			(1.3)
Balance as of December 31, 2020			18.5
Additions for current year tax positions			—
Additions for prior year tax positions			0.6
Reductions for prior year tax positions			(0.1)
Reductions for current year tax positions			—
Reductions for expiration of statute of limitations			(0.9)
Settlements			(15.5)
Balance as of December 31, 2021			2.6
Additions for current year tax positions			—
Additions for prior year tax positions			1.8
Reductions for prior year tax positions			(1.9)
Reductions for current year tax positions			—
Reductions for expiration of statute of limitations			—
Settlements			—
Balance as of December 31, 2022			$	2.5

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

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