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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Earnings (Loss) From Continuing Operations Before Income Taxes | The components of "Earnings (loss) before income taxes" are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | (586.2) |  |  | $ | (388.6) |  |  | $ | 163.6 |
Foreign | 77.0 |  |  | 215.2 |  |  | 240.0 |
Earnings (loss) before income taxes | $ | (509.2) |  |  | $ | (173.4) |  |  | $ | 403.6 |
Schedule of Income Taxes | "Income taxes" is comprised of the following components:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 7.2 |  |  | $ | 24.4 |  |  | $ | 48.3 |
State and local | 1.4 |  |  | 3.7 |  |  | 7.9 |
Foreign | 51.6 |  |  | 64.5 |  |  | 53.2 |
Total current | 60.2 |  |  | 92.6 |  |  | 109.4 |
Deferred |  |  |  |  |
Federal | (48.6) |  |  | (100.6) |  |  | (14.1) |
State and local | (7.2) |  |  | (19.9) |  |  | (2.0) |
Foreign | (2.2) |  |  | (8.7) |  |  | .4 |
Total deferred | (58.0) |  |  | (129.2) |  |  | (15.7) |
Total income taxes | $ | 2.2 |  |  | $ | (36.6) |  |  | $ | 93.7 |
Schedule of Income Tax Expense, Earning (Loss) From Continuing Operations Percentage | "Income taxes" as a percentage of "Earnings (loss) before income taxes" differs from the statutory federal income tax rate as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases) in rate resulting from: |  |  |  |  |
State taxes, net of federal benefit | .1 |  |  | .2 |  |  | .9 |
Tax effect of foreign operations | .8 |  |  | (1.4) |  |  | (.5) |
Global intangible low-taxed income (GILTI) | (.4) |  |  | (1.5) |  |  | .6 |
Current and deferred foreign withholding taxes | (1.9) |  |  | (7.3) |  |  | 2.6 |
Goodwill and long-lived asset impairments | (19.5) |  |  | 5.4 |  |  | — |
Stock-based compensation | (.2) |  |  | .1 |  |  | (.1) |
Change in valuation allowance | (1.3) |  |  | (.4) |  |  | (.1) |
Change in uncertain tax positions, net | (.1) |  |  | (.3) |  |  | — |
Other permanent differences, net | 1.1 |  |  | 3.9 |  |  | (1.0) |
Other, net | — |  |  | 1.4 |  |  | (.2) |
Effective tax rate | (.4) | % |  | 21.1 | % |  | 23.2 | %
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows:
| December 31,
| 2024 |  | 2023
| Assets |  | Liabilities |  | Assets |  | Liabilities
Property, plant and equipment | $ | 13.7 |  |  | $ | (76.2) |  |  | $ | 14.7 |  |  | $ | (80.7) |
Inventories | 5.8 |  |  | (.7) |  |  | 6.5 |  |  | (1.0) |
Accrued expenses | 51.1 |  |  | (.3) |  |  | 52.7 |  |  | (.6) |
Net operating losses and other tax carryforwards 1 | 56.2 |  |  | — |  |  | 39.8 |  |  | — |
Pension cost and other post-retirement benefits | 3.8 |  |  | (.9) |  |  | 5.6 |  |  | (.9) |
Intangible assets 2 | 10.8 |  |  | (69.1) |  |  | 12.0 |  |  | (108.2) |
Derivative financial instruments | .9 |  |  | (4.0) |  |  | .5 |  |  | (4.2) |
Capitalized research and experimentation expenses | 12.5 |  |  | — |  |  | 9.1 |  |  | — |
Tax on undistributed earnings (primarily from Canada and China) | — |  |  | (18.6) |  |  | — |  |  | (18.5) |
Uncertain tax positions | 3.3 |  |  | — |  |  | .7 |  |  | — |
Other | 9.9 |  |  | (8.3) |  |  | 9.7 |  |  | (7.5) |
Gross deferred tax assets (liabilities) | 168.0 |  |  | (178.1) |  |  | 151.3 |  |  | (221.6) |
Valuation allowance | (20.5) |  |  | — |  |  | (17.7) |  |  | — |
Total deferred taxes | $ | 147.5 |  |  | $ | (178.1) |  |  | $ | 133.6 |  |  | $ | (221.6) |
Net deferred tax liability |  |  | $ | (30.6) |  |  |  |  | $ | (88.0) |
1 The $16.4 increase in our deferred tax asset was primarily associated with the U.S. interest expense limitation related to an expired provision of the Tax Cuts and Jobs Act of 2017. 2 Intangible assets includes a $39.1 decrease in our deferred tax liability relating primarily to the goodwill and long-lived asset impairment charges discussed in Note F.
Schedule of Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets | Deferred tax assets (liabilities) included in the Consolidated Balance Sheets are as follows:
| December 31,
| 2024 |  | 2023
Sundry | $ | 18.3 |  |  | $ | 13.2 |
Deferred income taxes | (48.9) |  |  | (101.2) |
Net deferred tax liability | $ | (30.6) |  |  | $ | (88.0) |

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- 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
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- 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
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