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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 | For financial reporting purposes, loss before income taxes includes the following components (in millions):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | (92.8) |  |  | $ | (256.9) |  |  | $ | (123.0) |
Foreign | 13.9 |  |  | (224.0) |  |  | 26.5 |
Total | $ | (78.9) |  |  | $ | (480.9) |  |  | $ | (96.5) |
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,
| 2024 |  | 2023 |  | 2022
Current income taxes: |  |  |  |  |
U.S. federal | $ | 0.8 |  |  | $ | (13.5) |  |  | $ | (12.3) |
U.S. state | (2.1) |  |  | (2.3) |  |  | 0.3 |
Foreign | 7.0 |  |  | 18.8 |  |  | 13.3 |
| 5.7 |  |  | 3.0 |  |  | 1.3 |
Deferred income taxes: |  |  |  |  |
U.S. federal | (27.9) |  |  | (5.7) |  |  | (13.6) |
U.S. state | (0.5) |  |  | 0.9 |  |  | (4.0) |
Foreign | (7.5) |  |  | 28.6 |  |  | (11.3) |
| (35.9) |  |  | 23.8 |  |  | (28.9) |
Total | $ | (30.2) |  |  | $ | 26.8 |  |  | $ | (27.6) |
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,
| 2024 |  | 2023 |  | 2022
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Tax provision at U.S. statutory rate | $ | (16.6) |  |  | 21.0 | % |  | $ | (101.0) |  |  | 21.0 | % |  | $ | (20.3) |  |  | 21.0 | %
Foreign income tax rate differential | (3.7) |  |  | 4.7 |  |  | 3.3 |  |  | (0.7) |  |  | (4.7) |  |  | 4.9 |
Income from passthrough entities | 1.8 |  |  | (2.3) |  |  | 1.9 |  |  | (0.4) |  |  | 0.6 |  |  | (0.7) |
Branch earnings | 2.2 |  |  | (2.8) |  |  | 1.4 |  |  | (0.3) |  |  | 0.2 |  |  | (0.2) |
Global intangible low tax inclusion | 3.4 |  |  | (4.3) |  |  | 3.5 |  |  | (0.7) |  |  | (1.6) |  |  | 1.7 |
Foreign derived intangible income | 2.4 |  |  | (3.0) |  |  | (0.3) |  |  | 0.1 |  |  | (0.1) |  |  | 0.1 |
State income tax, net of federal benefit | (2.5) |  |  | 3.2 |  |  | (0.6) |  |  | 0.1 |  |  | (3.1) |  |  | 3.2 |
Adjustments to valuation allowances | (4.7) |  |  | 6.0 |  |  | 50.8 |  |  | (10.6) |  |  | (3.3) |  |  | 3.4 |
Other tax credits | (3.2) |  |  | 4.1 |  |  | (3.5) |  |  | 0.7 |  |  | (2.6) |  |  | 2.7 |
Foreign tax credits | (2.0) |  |  | 2.5 |  |  | (7.4) |  |  | 1.5 |  |  | 1.8 |  |  | (1.8) |
Other foreign operational taxes | 0.7 |  |  | (0.9) |  |  | 1.8 |  |  | (0.3) |  |  | 1.5 |  |  | (1.6) |
Remeasurement of deferred taxes due to tax law | 1.1 |  |  | (1.4) |  |  | (0.3) |  |  | 0.1 |  |  | (3.0) |  |  | 3.1 |
Non-deductible compensation expense | 0.5 |  |  | (0.6) |  |  | 0.9 |  |  | (0.2) |  |  | 1.4 |  |  | (1.4) |
Non-deductible acquisition expense | — |  |  | — |  |  | (0.5) |  |  | 0.1 |  |  | 5.4 |  |  | (5.6) |
Goodwill impairment | — |  |  | — |  |  | 84.5 |  |  | (17.6) |  |  | — |  |  | — |
Uncertain tax positions | (5.8) |  |  | 7.4 |  |  | (4.2) |  |  | 0.9 |  |  | 1.1 |  |  | (1.2) |
Worthless stock deduction | (4.6) |  |  | 5.8 |  |  | — |  |  | — |  |  | — |  |  | — |
Other, net | 0.8 |  |  | (1.1) |  |  | (3.5) |  |  | 0.7 |  |  | (0.9) |  |  | 1.0 |
Provision for income taxes | $ | (30.2) |  |  | 38.3 | % |  | $ | 26.8 |  |  | (5.6) | % |  | $ | (27.6) |  |  | 28.6 | %
Schedule of Deferred Tax Assets (Liabilities) | Net deferred income tax assets (liabilities) were comprised of the following (in millions):
| December 31,
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Receivable allowances | $ | 1.4 |  |  | $ | 1.3 |
Postretirement and other employee benefits | 7.5 |  |  | 10.9 |
Net operating loss and tax credit carryforwards | 313.3 |  |  | 305.5 |
Capital loss carryforward | 33.6 |  |  | 47.4 |
Accruals and other liabilities | — |  |  | 0.8 |
Investment in subsidiaries | 1.8 |  |  | 0.1 |
Capitalized research & development | 45.3 |  |  | 36.8 |
Section 163(j) interest limitation | 15.6 |  |  | 9.9 |
Right of use liabilities | 17.4 |  |  | 14.7 |
Other | 15.6 |  |  | 15.0 |
| 451.5 |  |  | 442.4 |
Less: Valuation allowance | (286.1) |  |  | (323.0) |
Net deferred income tax assets | $ | 165.4 |  |  | $ | 119.4 |
Deferred Tax Liabilities |  |  |
Net property, plant and equipment | $ | (83.2) |  |  | $ | (89.2) |
Intangibles | (132.3) |  |  | (136.7) |
Derivatives | (13.8) |  |  | (9.0) |
Right of use assets | (16.3) |  |  | (15.1) |
Reserves and accruals | (2.7) |  |  | — |
Foreign currency translation | (9.5) |  |  | — |
Other | (0.8) |  |  | (5.3) |
Net deferred income tax liabilities | $ | (258.6) |  |  | $ | (255.3) |
Total net deferred income tax liabilities | $ | (93.2) |  |  | $ | (135.9) |
Summary of Operating Loss Carryforwards | As of December 31, 2024, the Company had approximately $255.6 million of tax-effected operating loss carryforwards available to further reduce future taxable income in various jurisdictions, with the following expiration dates:
| 2024
2026-2044 | $ | 174.4 |
Indefinite | 81.2 |
Total | $ | 255.6 |
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,
| 2024 |  | 2023 |  | 2022
Uncertain tax position balance at beginning of year | $ | 20.0 |  |  | $ | 19.9 |  |  | $ | 9.8 |
Increases in current year tax positions | 5.4 |  |  | 0.6 |  |  | 0.1 |
Increases in prior year tax positions | 5.2 |  |  | 4.4 |  |  | 1.4 |
Decreases due to lapse of statute of limitations | (5.6) |  |  | (2.4) |  |  | (0.4) |
Decreases due to settlements | (1.3) |  |  | (2.1) |  |  | — |
Increases (decreases) from business acquisitions | — |  |  | (0.4) |  |  | 9.0 |
Uncertain tax position balance at end of year | $ | 23.7 |  |  | $ | 20.0 |  |  | $ | 19.9 |

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