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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Pre-Tax Income (Loss) and the (Benefit) Provision for Income Taxes From Continuing Operations

Pre-tax income (loss) and the (benefit) provision for income taxes from continuing operations are summarized as follows (in millions):

			Year Ended
			December 31, 2024						December 31, 2023						December 31, 2022
Pre-tax income (loss):
Ireland			$	(224.1)					$	72.3					$	(212.8)
United States			145.0						(23.8)						(38.2)
Other foreign			(1.5)						(56.9)						111.9
Total pre-tax income (loss)			(80.6)						(8.4)						(139.1)
Current provision (benefit) for income taxes:
Ireland			2.3						2.0						2.8
United States			30.4						18.2						(7.8)
Other foreign			57.0						56.6						30.8
Subtotal			89.7						76.8						25.8
Deferred provision (benefit) for income taxes:
Ireland			—						0.2						0.7
United States			27.6						(12.9)						(8.6)
Other foreign			(37.3)						(68.0)						(26.1)
Subtotal			(9.7)						(80.7)						(34.0)
Total provision for income taxes			$	80.0					$	(3.9)					$	(8.2)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision based on the Irish statutory income tax rate to our effective income tax rate is as follows:

			Year Ended
			December 31, 2024						December 31, 2023						December 31, 2022
Provision at statutory rate			12.5		%				12.5		%				12.5		%
Foreign rate differential			(17.4)						286.8						25.9
State income taxes, net of federal benefit			3.0						3.6						(0.3)
Provision to return			(3.1)						(67.6)						(0.5)
Tax credits			103.4						293.3						18.6
Change in tax law			(0.2)						(25.5)						0.7
Change in valuation allowance			(101.2)						(383.9)						(7.6)
Change in unrecognized taxes			3.3						654.7						4.4
Permanent differences			(102.6)						(723.3)						(42.3)
Legal entity restructuring			—						—						(4.6)
Taxes on unremitted earnings			(0.6)						4.7						(0.8)
Other			3.6						(8.1)						(0.1)
Effective income tax rate			(99.3)		%				47.2		%				5.9		%

Schedule of Components of Net Deferred Income Tax Asset (Liability) and Amounts are Classified on the Consolidated Balance Sheets

The components of our net deferred income tax asset (liability) are presented on a total company basis as follows (in millions):

			Year Ended
Deferred income tax asset (liability):			December 31, 2024						December 31, 2023
Depreciation and amortization			$	(382.5)					$	(475.9)
Right of use assets			(43.0)						(44.4)
Unremitted earnings			(3.6)						(3.1)
Inventory basis differences			27.3						30.8
Accrued liabilities			24.8						26.3
Lease obligations			44.1						45.3
Share-based compensation			18.0						17.9
Federal benefit of unrecognized tax positions			12.0						18.7
Loss and credit carryforwards			449.4						438.3
R&D credit carryforwards			23.8						23.8
Capitalized R&D costs			39.1						31.2
Interest carryforwards			88.4						50.8
Other, net			(7.3)						44.7
Subtotal			$	290.5					$	204.4
Valuation allowance (1)			(488.6)						(440.9)
Net deferred income tax liability			$	(198.1)					$	(236.5)

(1) The movement in the valuation allowance balance differs from the amount in the effective tax rate reconciliation due to adjustments affecting balance sheet only items and foreign currency.

The above amounts are classified on the Consolidated Balance Sheets as follows (in millions):

			Year Ended
			December 31, 2024						December 31, 2023
Assets			$	5.1					25.8
Liabilities			(203.2)						(262.3)
Net deferred income tax liability			$	(198.1)					(236.5)

Schedule of Change in Valuation Allowance Reducing Deferred Taxes

The change in valuation allowance reducing deferred taxes was (in millions):

						Year Ended
						December 31, 2024						December 31, 2023						December 31, 2022
Balance at beginning of period						$	440.9					$	394.5					$	450.7
Change in assessment						4.9						48.3						(14.8)
Current year operations, foreign currency and other						42.8						(1.9)						(41.4)
Balance at end of period						$	488.6					$	440.9					$	394.5

Schedule of Activity Related to the Liability Recorded for Uncertain Tax Positions, Excluding Interest and Penalties

The following table is presented on a total company basis and summarizes the activity related to the liability recorded for uncertain tax positions, excluding interest and penalties (in millions):

			Year Ended
			December 31, 2024			December 31, 2023
Balance at beginning of period			$	239.3		$	331.6
Additions:
Positions related to the current year			4.7			9.8
Positions related to prior years			8.5			57.7
Reductions:
Settlements with taxing authorities			(1.1)			(50.4)
Lapse of statutes of limitation			—			(4.9)
Decrease in prior year positions			(11.0)			(104.9)
Cumulative translation adjustment			(0.8)			0.4
Balance at end of period			$	239.6		$	239.3

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