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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | (25.3) |  |  | $ | (2.7) |  |  | $ | (82.4) |
International |  | 250.1 |  |  | 90.0 |  |  | 146.2 |
Income from continuing operations, before income taxes |  | $ | 224.8 |  |  | $ | 87.3 |  |  | $ | 63.8 |
Schedule of Income Tax Expense (Benefit) | A summary of income tax expense (benefit) from continuing operations is as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Current income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | 7.5 |  |  | $ | 18.5 |  |  | $ | (76.2) |
International |  | 70.4 |  |  | 53.8 |  |  | 56.4 |
Total current income tax expense (benefit) |  | $ | 77.9 |  |  | $ | 72.3 |  |  | $ | (19.8) |
Deferred income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | (11.4) |  |  | $ | (35.8) |  |  | $ | 2.6 |
International |  | (12.4) |  |  | (25.5) |  |  | (2.1) |
Total deferred income tax (benefit) expense |  | $ | (23.8) |  |  | $ | (61.3) |  |  | $ | 0.5 |
Total income tax expense (benefit) |  | $ | 54.1 |  |  | $ | 11.0 |  |  | $ | (19.3) |
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, 2024, 2023 and 2022.
|  | 2024 |  | 2023 |  | 2022 |  |
U.S. federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  |
International tax rate differential: |  |  |  |  |  |  |  |
Asia |  | 0.4 |  |  | 0.9 |  |  | 1.1 |  |  |
Europe |  | (0.8) |  |  | (5.2) |  |  | (12.4) |  |  |
North and South America |  | 2.1 |  |  | 4.5 |  |  | 5.9 |  |  |
Total international tax rate differential |  | 1.7 |  |  | 0.2 |  |  | (5.5) |  |  |
Net tax on GILTI and Subpart F Income |  | (0.5) |  |  | 2.2 |  |  | 5.9 |  |  |
International tax on certain current and prior year earnings |  | 1.6 |  |  | 3.9 |  |  | 0.2 |  |  |
Non-deductible interest |  | 0.4 |  |  | 5.3 |  |  | 2.9 |  |  |
Research and development credit |  | (1.7) |  |  | (3.7) |  |  | (5.0) |  |  |
Capital losses |  | — |  |  | (5.4) |  |  | (88.1) |  |  |
State and local tax, net |  | (0.7) |  |  | (2.3) |  |  | (4.0) |  |  |
International permanent items |  | 0.7 |  |  | (7.5) |  |  | 12.1 |  |  |
U.S. permanent items |  | 2.1 |  |  | 2.5 |  |  | 1.9 |  |  |
Net impact of uncertain tax positions |  | (1.1) |  |  | (5.3) |  |  | 12.9 |  |  |
Changes in valuation allowances |  | — |  |  | 3.6 |  |  | 15.4 |  |  |
Other |  | 0.6 |  |  | (1.9) |  |  | 0.1 |  |  |
Effective income tax rate |  | 24.1 | % |  | 12.6 | % |  | (30.2) | % |  |
Schedule of Components of Deferred Tax Assets and (Liabilities) | Components of our deferred tax assets (liabilities) as of December 31, 2024 and 2023 were as follows:
(In millions) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Employment costs |  | 22.0 |  |  | 21.4 |
Environmental accruals |  | 35.5 |  |  | 38.5 |
Net operating loss carryforwards |  | 60.8 |  |  | 66.0 |
Operating leases |  | 9.5 |  |  | 7.8 |
Research and development |  | 53.0 |  |  | 45.8 |
Capitalized and carryforward interest |  | 78.5 |  |  | 48.7 |
Financial Derivatives |  | 4.5 |  |  | 48.3 |
Other |  | 32.7 |  |  | 52.2 |
Gross deferred tax assets |  | $ | 296.5 |  |  | $ | 328.7 |
Valuation allowances |  | (30.3) |  |  | (39.6) |
Total deferred tax assets, net of valuation allowances |  | $ | 266.2 |  |  | $ | 289.1 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | $ | (100.4) |  |  | $ | (101.3) |
Goodwill and intangibles |  | (318.5) |  |  | (351.2) |
Operating leases |  | (9.7) |  |  | (7.6) |
Other |  | (16.7) |  |  | (18.3) |
Total deferred tax liabilities |  | $ | (445.3) |  |  | $ | (478.4) |
Net deferred tax liabilities |  | $ | (179.1) |  |  | $ | (189.3) |
Consolidated Balance Sheets: |  |  |  |
Non-current deferred income tax assets |  | $ | 81.3 |  |  | $ | 92.3 |
Non-current deferred income tax liabilities |  | $ | (260.4) |  |  | $ | (281.6) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows:
|  | Unrecognized Tax Benefits
(In millions) |  | 2024 |  | 2023 |  | 2022
Balance as of January 1, |  | $ | 16.9 |  |  | $ | 25.4 |  |  | $ | 19.8 |
Increases as a result of positions taken during current year |  | 0.3 |  |  | 1.9 |  |  | 10.6 |
Increases as a result of positions taken for prior years |  | 0.7 |  |  | 0.4 |  |  | 0.4 |
Reductions for tax positions of prior years |  | (0.6) |  |  | (10.7) |  |  | (4.3) |
Decreases as a result of lapse of statute of limitations |  | (3.2) |  |  | (0.6) |  |  | (0.6) |
Other, net |  | (0.5) |  |  | 0.5 |  |  | (0.5) |
Balance as of December 31, |  | $ | 13.6 |  |  | $ | 16.9 |  |  | $ | 25.4 |

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