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INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2023						2022						2021
U.S.						$	89.3					$	(19.7)					$	(16.7)
Foreign						490.4						386.3						280.5
Income (loss) from continuing operations before income taxes						$	579.7					$	366.6					$	263.8

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,
						2023						2022						2021
Current:
Federal						$	30.8					$	6.9					$	6.6
State						4.4						1.3						1.8
Foreign						65.9						58.8						36.7
Current income tax provision (benefit)						101.1						67.0						45.1
Deferred:
Federal						(4.4)						6.9						(3.8)
State						(3.4)						1.8						1.5
Foreign						(30.3)						(9.3)						3.5
Deferred income tax (benefit) provision						(38.1)						(0.6)						1.2
Provision for (benefit from) income taxes						$	63.0					$	66.4					$	46.3

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, 2023 and 2022 for continuing operations are summarized below for major balance sheet captions (in millions):

						2023						2022
Property, plant and equipment						$	(23.3)					$	(19.8)
Intangibles						(8.4)						(8.1)
Inventories						5.6						5.9
Accrued warranties and product liability						12.9						9.9
Loss carry forwards						188.5						152.0
Retirement plans						9.1						10.1
Accrued compensation and benefits						18.9						17.1
Operating lease right-of-use asset						(28.4)						(22.0)
Operating lease liability						30.8						23.5
Other						13.6						18.0
Deferred tax assets valuation allowance						(52.7)						(63.0)
Net deferred tax assets (liabilities)						$	166.6					$	123.6

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,
						2023						2022						2021
Tax at statutory U.S. federal income tax rate						$	121.7					$	77.0					$	55.4
State taxes						0.8						2.4						2.7
Change in valuation allowance						(2.6)						(21.0)						(9.0)
Foreign tax differential on income/losses of foreign subsidiaries						(25.7)						(10.2)						(12.0)
U.S. tax on multi-national operations						12.8						10.1						8.1
Change in foreign tax rates						0.4						—						(0.6)
Swiss cantonal tax attribute						(42.3)						—						—
Research and development						(1.7)						(1.0)						(0.8)
Provision to return adjustments						(2.7)						6.8						0.5
Compensation						2.9						2.1						1.8
Other						(0.6)						0.2						0.2
Provision for (benefit from) income taxes						$	63.0					$	66.4					$	46.3

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, 2021			$	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
Additions for current year tax positions			0.1
Additions for prior year tax positions			5.6
Reductions for prior year tax positions			(1.6)
Reductions for current year tax positions			—
Reductions for expiration of statute of limitations			(0.2)
Settlements			—
Balance as of December 31, 2023			$	6.4

Schedule of Tax Years Subject to Examination by Major Tax Jurisdiction

The following tax years as described below remain subject to examination by the respective major tax jurisdictions. The Company does not expect the amount of unrecognized tax benefits disclosed as of December 31, 2023 to significantly change within the next twelve months.

Major Tax Jurisdiction			Open Tax Years
Australia			2016 - present
China			2013 - present
Germany			2017 - present
India			2005-2010, 2012, 2015-2016, 2018 - present
Italy			2004-2005, 2009-2010, 2014, 2017 - present
Switzerland			2020 - present
United Kingdom			2019 - present
United States - federal			2017 - present
United States - states			2017 - present

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