XML 64 R48.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 | For financial reporting purposes, income (loss) before income taxes includes the following components (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | (256.9) |  |  | $ | (123.0) |  |  | $ | (22.2) |
Foreign | (224.0) |  |  | 26.5 |  |  | (4.3) |
Total | $ | (480.9) |  |  | $ | (96.5) |  |  | $ | (26.5) |
Schedule of Components of Income Tax Expense (Benefit), Continuing Operations | An analysis of the expense (benefit) for income taxes from continuing operations follows (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current income taxes: |  |  |  |  |
U.S. federal | $ | (13.5) |  |  | $ | (12.3) |  |  | $ | (0.4) |
U.S. state | (2.3) |  |  | 0.3 |  |  | (0.3) |
Foreign | 18.8 |  |  | 13.3 |  |  | 1.5 |
| $ | 3.0 |  |  | $ | 1.3 |  |  | $ | 0.8 |
Deferred income taxes: |  |  |  |  |
U.S. federal | $ | (5.7) |  |  | $ | (13.6) |  |  | $ | 4.7 |
U.S. state | 0.9 |  |  | (4.0) |  |  | (1.1) |
Foreign | 28.6 |  |  | (11.3) |  |  | (32.6) |
| $ | 23.8 |  |  | $ | (28.9) |  |  | $ | (29.0) |
Total | $ | 26.8 |  |  | $ | (27.6) |  |  | $ | (28.2) |
Schedule of Reconciliation of Income Tax Rate | A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes is as follows (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Tax provision at U.S. statutory rate | $ | (101.0) |  |  | 21.0 | % |  | $ | (20.3) |  |  | 21.0 | % |  | $ | (5.5) |  |  | 21.0 | %
Foreign income tax rate differential | 3.3 |  |  | (0.7) |  |  | (4.7) |  |  | 4.9 |  |  | 0.6 |  |  | (2.2) |
Income from passthrough entities | 1.9 |  |  | (0.4) |  |  | 0.6 |  |  | (0.7) |  |  | — |  |  | — |
Branch earnings | 1.4 |  |  | (0.3) |  |  | 0.2 |  |  | (0.2) |  |  | (0.9) |  |  | 3.4 |
Global intangible low tax inclusion | 3.5 |  |  | (0.7) |  |  | (1.6) |  |  | 1.7 |  |  | 6.7 |  |  | (25.5) |
Subpart F income | 1.2 |  |  | (0.3) |  |  | 0.5 |  |  | (0.5) |  |  | 0.7 |  |  | (2.6) |
Foreign derived intangible income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
State income tax, net of federal benefit | (0.6) |  |  | 0.1 |  |  | (3.1) |  |  | 3.2 |  |  | (1.5) |  |  | 5.7 |
Adjustments to valuation allowances | 50.8 |  |  | (10.6) |  |  | (3.3) |  |  | 3.4 |  |  | 60.5 |  |  | (229.6) |
Capital loss carryforward | — |  |  | — |  |  | — |  |  | — |  |  | (86.5) |  |  | 328.5 |
Other tax credits | (3.5) |  |  | 0.7 |  |  | (2.6) |  |  | 2.7 |  |  | (1.4) |  |  | 5.4 |
Foreign tax credits | (7.4) |  |  | 1.5 |  |  | 1.8 |  |  | (1.8) |  |  | (4.9) |  |  | 18.6 |
Other foreign operational taxes | 1.8 |  |  | (0.3) |  |  | 1.5 |  |  | (1.6) |  |  | 1.3 |  |  | (5.2) |
Base erosion minimum tax amount | — |  |  | — |  |  | (0.6) |  |  | 0.7 |  |  | 0.3 |  |  | (1.2) |
Remeasurement of deferred taxes due to tax law | (0.3) |  |  | 0.1 |  |  | (3.0) |  |  | 3.1 |  |  | 0.4 |  |  | (1.5) |
Non-deductible compensation expense | 0.9 |  |  | (0.2) |  |  | 1.4 |  |  | (1.4) |  |  | 0.7 |  |  | (2.6) |
Non-deductible acquisition expense | (0.5) |  |  | 0.1 |  |  | 5.4 |  |  | (5.6) |  |  | — |  |  | — |
Goodwill impairment | 84.5 |  |  | (17.6) |  |  | — |  |  | — |  |  | — |  |  | — |
Uncertain tax positions | (4.2) |  |  | 0.9 |  |  | 1.1 |  |  | (1.2) |  |  | 0.3 |  |  | (1.2) |
Other, net | (5.0) |  |  | 1.1 |  |  | (0.9) |  |  | 0.9 |  |  | 1.0 |  |  | (4.0) |
Provision for income taxes | $ | 26.8 |  |  | (5.6) | % |  | $ | (27.6) |  |  | 28.6 | % |  | $ | (28.2) |  |  | 107.0 | %
Schedule of Deferred Tax Assets (Liabilities) | Net deferred income tax assets (liabilities) were comprised of the following (in millions):
| December 31,
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Receivable allowances | $ | 1.3 |  |  | $ | 1.2 |
Postretirement and other employee benefits | 10.9 |  |  | 12.3 |
Net operating loss and tax credit carryforwards | 305.5 |  |  | 163.2 |
Capital loss carryforward | 47.4 |  |  | 106.5 |
Accruals and other liabilities | 0.8 |  |  | 0.3 |
Investment in subsidiaries | 0.1 |  |  | 8.9 |
Capitalized research & development | 36.8 |  |  | 29.8 |
Section 163(j) Interest Limitation | 9.9 |  |  | 12.4 |
Right Of Use Liabilities | 14.7 |  |  | 10.0 |
Other | 15.0 |  |  | 6.9 |
| $ | 442.4 |  |  | $ | 351.5 |
Less: Valuation allowance | (323.0) |  |  | (225.5) |
Net deferred income tax assets | $ | 119.4 |  |  | $ | 126.0 |
Deferred Tax Liabilities |  |  |
Net property, plant and equipment | $ | (89.2) |  |  | $ | (109.1) |
Intangibles | (136.7) |  |  | (104.1) |
Derivatives | (9.0) |  |  | (16.9) |
Right Of Use Assets | (15.1) |  |  | (9.7) |
Other | (5.3) |  |  | (3.9) |
Net deferred income tax liabilities | $ | (255.3) |  |  | $ | (243.7) |
Total net deferred income tax liabilities | $ | (135.9) |  |  | $ | (117.7) |
Summary of Operating Loss Carryforwards | As of December 31, 2023, the Company had approximately $260.9 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions, with the following expiration dates:
2026-2043 | $ | 183.1 |
Indefinite | 77.8 |
Total | $ | 260.9 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company's unrecognized tax benefits related to income taxes (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Uncertain tax position balance at beginning of year | $ | 19.9 |  |  | $ | 9.8 |  |  | $ | 2.0 |
Increases in current year tax positions | 0.6 |  |  | 0.1 |  |  | 0.3 |
Increases in prior year tax positions | 4.4 |  |  | 1.4 |  |  | — |
Decreases due to lapse of statute of limitations | (2.4) |  |  | (0.4) |  |  | (0.7) |
Decreases due to settlements | (2.1) |  |  | — |  |  | — |
Increases from business acquisitions | (0.4) |  |  | 9.0 |  |  | 8.2 |
Uncertain tax position balance at end of year | $ | 20.0 |  |  | $ | 19.9 |  |  | $ | 9.8 |

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

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration