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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

						THREE MONTHS ENDED												NINE MONTHS ENDED
						SEPTEMBER 30												SEPTEMBER 30
						2023						2022						2023						2022
Income (loss) before income taxes						$	52.6					$	(32.4)					$	139.3					$	(75.5)
Statutory taxes (21%)						$	11.1					$	(6.8)					$	29.3					$	(15.9)
Interim adjustment						(0.2)						(2.3)						(0.5)						(3.8)
Permanent adjustments:
Valuation allowance						4.2						12.6						4.7						28.5
Other						2.3						0.1						6.7						(0.1)
Discrete items						(1.2)						0.6						(3.3)						(4.7)
Income tax expense						$	16.2					$	4.2					$	36.9					$	4.0
Reported income tax rate						30.8		%				(13.0)		%				26.5		%				(5.3)		%

The Company's estimated annual effective income tax rate assumes that a significant portion of its net operating loss carryforwards will be utilized in 2023 along with the release of the associated valuation allowances. This release will be more than offset by the capitalization of research and development expenses under current U.S. tax rules for which a valuation allowance will be provided. The net of these items is included in the valuation allowance line in the table above.

During the first nine months of 2023, the Company recorded other permanent adjustments primarily related to the unfavorable tax effects of non-U.S. rate differences, state income taxes, non-deductible compensation and global intangible low-taxed income, partially offset by favorable tax effects of foreign derived intangible income, federal income tax credits and equity interest earnings.

During the third quarter of 2023, the Company recognized a discrete tax benefit of $1.2 million primarily related to the expiration of the statute of limitations for uncertain tax positions.

During the second quarter of 2023 and 2022, the Company recognized discrete tax benefits of $2.3 million and $4.5 million, respectively, mainly resulting from the expiration of the statute of limitations for uncertain tax positions related to acquisitions. Of those amounts, an offsetting pre-tax indemnity receivable was recorded for $2.1 million and $3.8 million in the second

quarter of 2023 and 2022, respectively. The expense for the release of the indemnity receivable was recorded in pre-tax earnings on the line “Other, net” in the unaudited condensed consolidated statements of operations.

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- References

No definition available.

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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://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

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