XML 55 R39.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 Taxes | Income (loss) from continuing operations, before income taxes consists of the following:
(In millions) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | (2.7) |  |  | $ | (82.4) |  |  | $ | (22.1) |
International |  | 90.0 |  |  | 146.2 |  |  | 225.6 |
Income from continuing operations, before income taxes |  | $ | 87.3 |  |  | $ | 63.8 |  |  | $ | 203.5 |
Schedule of Income Tax Expense (Benefit) | A summary of income tax expense (benefit) from continuing operations is as follows:
(In millions) |  | 2023 |  | 2022 |  | 2021
Current income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | 18.5 |  |  | $ | (76.2) |  |  | $ | 23.4 |
International |  | 53.8 |  |  | 56.4 |  |  | 50.8 |
Total current income tax expense (benefit) |  | $ | 72.3 |  |  | $ | (19.8) |  |  | $ | 74.2 |
Deferred income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | (35.8) |  |  | $ | 2.6 |  |  | $ | (26.8) |
International |  | (25.5) |  |  | (2.1) |  |  | 4.5 |
Total deferred income tax (benefit) expense |  | $ | (61.3) |  |  | $ | 0.5 |  |  | $ | (22.3) |
Total income tax expense (benefit) |  | $ | 11.0 |  |  | $ | (19.3) |  |  | $ | 51.9 |
Schedule of Reconciliation Between Effective Income Tax Rate and U.S. Statutory Rate | A reconciliation of the applicable U.S. federal statutory tax rate to the consolidated effective income tax rate from continuing operations along with a description of significant reconciling items is included below for the years ended December 31, 2023, 2022 and 2021.
|  | 2023 |  | 2022 |  | 2021 |  |
U.S. federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  |
International tax rate differential: |  |  |  |  |  |  |  |
Asia |  | 0.9 |  |  | 1.1 |  |  | 0.4 |  |  |
Europe |  | (5.2) |  |  | (12.4) |  |  | (1.8) |  |  |
North and South America |  | 4.5 |  |  | 5.9 |  |  | 1.1 |  |  |
Total international tax rate differential |  | 0.2 |  |  | (5.5) |  |  | (0.3) |  |  |
Net tax on GILTI and FDII |  | 1.9 |  |  | 2.8 |  |  | (1.0) |  |  |
International tax on certain current and prior year earnings |  | 3.9 |  |  | 0.2 |  |  | 2.0 |  |  |
Non-deductible acquisition related costs |  | — |  |  | 0.9 |  |  | 0.1 |  |  |
Non-deductible interest |  | 5.3 |  |  | 2.9 |  |  | — |  |  |
Research and development credit |  | (3.7) |  |  | (5.0) |  |  | (1.1) |  |  |
Capital losses |  | (5.4) |  |  | (88.1) |  |  | (0.6) |  |  |
State and local tax, net |  | (2.3) |  |  | (4.0) |  |  | 0.2 |  |  |
International permanent items |  | (7.5) |  |  | 12.1 |  |  | 0.2 |  |  |
Net impact of uncertain tax positions |  | (5.3) |  |  | 12.9 |  |  | 1.0 |  |  |
Changes in valuation allowances |  | 3.6 |  |  | 15.4 |  |  | 2.6 |  |  |
Other |  | 0.9 |  |  | 4.2 |  |  | 1.4 |  |  |
Effective income tax rate |  | 12.6 | % |  | (30.2) | % |  | 25.5 | % |  |
Schedule of Components of Deferred Tax Assets and (Liabilities) | Components of our deferred tax assets (liabilities) as of December 31, 2023 and 2022 were as follows:
(In millions) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Employment costs |  | 21.4 |  |  | 21.0 |
Environmental accruals |  | 38.5 |  |  | 29.2 |
Net operating loss carryforwards |  | 66.0 |  |  | 54.3 |
Operating leases |  | 7.8 |  |  | 11.8 |
Research and development |  | 45.8 |  |  | 39.2 |
Capitalized and carryforward interest |  | 48.7 |  |  | 18.2 |
Financial Derivatives |  | 48.3 |  |  | 16.7 |
Other, net |  | 52.2 |  |  | 54.4 |
Gross deferred tax assets |  | $ | 328.7 |  |  | $ | 244.8 |
Valuation allowances |  | (39.6) |  |  | (35.3) |
Total deferred tax assets, net of valuation allowances |  | $ | 289.1 |  |  | $ | 209.5 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | $ | (101.3) |  |  | $ | (117.4) |
Goodwill and intangibles |  | (351.2) |  |  | (337.3) |
Operating leases |  | (7.6) |  |  | (12.0) |
Other, net |  | (18.3) |  |  | (11.7) |
Total deferred tax liabilities |  | $ | (478.4) |  |  | $ | (478.4) |
Net deferred tax (liabilities) assets |  | $ | (189.3) |  |  | $ | (268.9) |
Consolidated Balance Sheets: |  |  |  |
Non-current deferred income tax assets |  | $ | 92.3 |  |  | $ | 73.6 |
Non-current deferred income tax liabilities |  | $ | (281.6) |  |  | $ | (342.5) |
Schedule of Changes in Unrecognized Tax Benefits |
|  | Unrecognized Tax Benefits
(In millions) |  | 2023 |  | 2022 |  | 2021
Balance as of January 1, |  | $ | 25.4 |  |  | $ | 19.8 |  |  | $ | 9.5 |
Increases as a result of positions taken during current year |  | 1.9 |  |  | 10.6 |  |  | 5.9 |
Increases as a result of positions taken for prior years |  | 0.4 |  |  | 0.4 |  |  | 0.2 |
Balance related to acquired businesses |  | — |  |  | — |  |  | 5.4 |
Reductions for tax positions of prior years |  | (10.7) |  |  | (4.3) |  |  | — |
Decreases as a result of lapse of statute of limitations |  | (0.6) |  |  | (0.6) |  |  | (1.5) |
Other, net |  | 0.5 |  |  | (0.5) |  |  | 0.3 |
Balance as of December 31, |  | $ | 16.9 |  |  | $ | 25.4 |  |  | $ | 19.8 |

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