XML 62 R42.htm IDEA: XBRL DOCUMENT v3.25.0.1

INCOME TAXES (Tables)

12 Months Ended

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

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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 of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

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