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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Summary of Significant Components of the Provisions for Income Taxes Attributable to Operations | Significant components of income taxes attributable to operations consist of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | (9.6) |  |  | $ | (3.7) |  |  | $ | 62.8 |
State | 2.0 |  |  | 14.9 |  |  | 27.7 |
International | 33.6 |  |  | 28.4 |  |  | 14.0 |
Total current | 26.0 |  |  | 39.6 |  |  | 104.5 |
Deferred |  |  |  |  |
Federal | (39.0) |  |  | 38.0 |  |  | 1.1 |
State | 8.2 |  |  | 4.3 |  |  | — |
International | 6.9 |  |  | 1.6 |  |  | (3.5) |
Total deferred | (23.9) |  |  | 43.9 |  |  | (2.4) |
Income tax provision | $ | 2.1 |  |  | $ | 83.5 |  |  | $ | 102.1 |
Schedule of Deferred Tax Assets and Liabilities | The Company's net deferred tax liability consists of the following:
| December 31,
| 2022 |  | 2021
Deferred tax assets |  |  |
Federal losses carryforward | $ | 15.3 |  |  | $ | 7.6 |
State losses carryforward | 5.4 |  |  | 3.3 |
R&D carryforward | 18.4 |  |  | 16.6 |
Stock compensation | 10.1 |  |  | 8.9 |
Foreign losses carryforward | 9.1 |  |  | 10.2 |
Deferred revenue | 2.0 |  |  | 0.4 |
Inventory reserves | 10.5 |  |  | 2.9 |
Lease liability | 4.6 |  |  | 6.5 |
IRC 263A capitalized costs | 5.0 |  |  | 3.9 |
Capitalized R&D | 25.9 |  |  | — |
IRC 163(j) Interest Limitation | 7.6 |  |  | — |
Other | 0.7 |  |  | 5.6 |
Gross deferred tax assets | 114.6 |  |  | 65.9 |
Valuation allowance | (68.0) |  |  | (25.0) |
Total deferred tax assets | 46.6 |  |  | 40.9 |
Deferred tax liabilities |  |  |
Fixed assets | (62.4) |  |  | (75.1) |
Intangible assets | (46.1) |  |  | (47.6) |
Right-of-use asset | (4.3) |  |  | (6.1) |
Foreign Withholding Tax | (4.7) |  |  | — |
Other | (0.9) |  |  | (2.8) |
Total deferred tax liabilities | (118.4) |  |  | (131.6) |
Net deferred tax liabilities | $ | (71.8) |  |  | $ | (90.7) |
Reconciliation of Income Before the Provision for Income Taxes | Income taxes differ from the amount of taxes determined by applying the U.S. federal statutory rate to income before taxes as a result of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
U.S. | $ | (445.1) |  |  | $ | 112.0 |  |  | $ | 362.0 |
International | 223.4 |  |  | 202.4 |  |  | 45.2 |
Earnings (Losses) before taxes on income | (221.7) |  |  | 314.4 |  |  | 407.2 |
Federal tax at statutory rates | $ | (46.6) |  |  | $ | 65.8 |  |  | $ | 85.5 |
State taxes, net of federal benefit | (10.2) |  |  | 16.1 |  |  | 23.2 |
Impact of foreign operations | (7.0) |  |  | (16.8) |  |  | (7.8) |
Change in valuation allowance | 43.8 |  |  | 4.3 |  |  | 1.5 |
Tax credits | (3.5) |  |  | (4.7) |  |  | (7.6) |
Stock compensation | 4.7 |  |  | (4.9) |  |  | (7.9) |
Goodwill Impairments | 1.8 |  |  | 8.3 |  |  | — |
Adjustment of prior year taxes | (0.5) |  |  | 0.8 |  |  | (0.7) |
Transaction costs | — |  |  | 0.3 |  |  | 6.0 |
Compensation limitation | 0.7 |  |  | 2.9 |  |  | 2.2 |
Unrecognized tax benefit | (9.7) |  |  | 0.3 |  |  | (0.3) |
GILTI, net | 20.7 |  |  | 11.4 |  |  | 5.4 |
Foreign withholding tax | 4.7 |  |  | — |  |  | — |
Permanent differences | 3.2 |  |  | (0.3) |  |  | 2.6 |
Income tax provision (benefit) | $ | 2.1 |  |  | $ | 83.5 |  |  | $ | 102.1 |
Schedule of Unrecognized Tax Benefits Activity | The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Gross unrecognized tax benefits, beginning of period | $ | 9.8 |  |  | $ | 9.2 |  |  | $ | 10.4 |
Increases (decreases) for tax positions for prior years | (1.5) |  |  | 0.4 |  |  | — |
Increases for tax positions for current year | 0.9 |  |  | 0.2 |  |  | 0.6 |
Settlements | — |  |  | — |  |  | (1.8) |
Lapse of statute of limitations | (8.0) |  |  | — |  |  | — |
Gross unrecognized tax benefits, end of period | $ | 1.2 |  |  | $ | 9.8 |  |  | $ | 9.2 |

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