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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
| (As Restated) |  | (As Revised) |  | (As Revised)
Current |  |  |  |  |
Federal | $ | (9.4) |  |  | $ | (3.1) |  |  | $ | 64.6 |
State | 1.9 |  |  | 14.9 |  |  | 28.4 |
International | 33.8 |  |  | 28.9 |  |  | 16.5 |
Total current | 26.3 |  |  | 40.7 |  |  | 109.5 |
Deferred |  |  |  |  |
Federal | (37.7) |  |  | 37.1 |  |  | 0.5 |
State | (3.2) |  |  | 4.2 |  |  | 0.1 |
International | 7.2 |  |  | 1.6 |  |  | (3.9) |
Total deferred | (33.7) |  |  | 43.0 |  |  | (3.4) |
Income tax (benefit) provision | $ | (7.4) |  |  | $ | 83.7 |  |  | $ | 106.1 |
Schedule of Deferred Tax Assets and Liabilities | The Company's net deferred tax liability consists of the following:
| December 31,
| 2022 |  | 2021
| (As Restated) |  | (As Revised)
Deferred tax assets |  |  |
Federal losses carryforward | $ | 14.8 |  |  | $ | 7.6 |
State losses carryforward | 13.0 |  |  | 5.9 |
R&D carryforward | 18.4 |  |  | 16.6 |
Stock compensation | 10.4 |  |  | 9.1 |
Foreign losses carryforward | 9.1 |  |  | 10.2 |
Deferred revenue | 2.0 |  |  | 0.4 |
Inventory reserves | 10.9 |  |  | 3.2 |
Lease liability | 4.7 |  |  | 6.6 |
IRC 263A capitalized costs | 5.2 |  |  | 4.0 |
Capitalized R&D | 27.3 |  |  | — |
IRC 163(j) Interest Limitation | 7.9 |  |  | — |
Other | 1.2 |  |  | 6.0 |
Gross deferred tax assets | 124.9 |  |  | 69.5 |
Valuation allowance | (65.1) |  |  | (27.3) |
Total deferred tax assets | 59.8 |  |  | 42.2 |
Deferred tax liabilities |  |  |
Fixed assets | (63.6) |  |  | (75.9) |
Intangible assets | (46.1) |  |  | (47.6) |
Right-of-use asset | (4.5) |  |  | (6.3) |
Foreign Withholding Tax | (4.7) |  |  | — |
Other | (0.7) |  |  | (0.9) |
Total deferred tax liabilities | (119.6) |  |  | (130.7) |
Net deferred tax liabilities | $ | (59.7) |  |  | $ | (88.5) |
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
| (As Restated) |  | (As Revised) |  | (As Revised)
U.S. | $ | (442.6) |  |  | $ | 100.1 |  |  | $ | 368.2 |
International | 224.0 |  |  | 203.3 |  |  | 43.7 |
Earnings (Losses) before taxes on income | (218.6) |  |  | 303.4 |  |  | 411.9 |
Federal tax at statutory rates | $ | (46.0) |  |  | $ | 63.5 |  |  | $ | 86.5 |
State taxes, net of federal benefit | (13.5) |  |  | 14.1 |  |  | 23.7 |
Impact of foreign operations | (7.2) |  |  | (18.7) |  |  | (7.7) |
Change in valuation allowance | 37.8 |  |  | 8.2 |  |  | 1.6 |
Tax credits | (3.5) |  |  | (4.7) |  |  | (7.4) |
Stock compensation | 4.7 |  |  | (3.9) |  |  | (6.3) |
Goodwill Impairments | 1.8 |  |  | 8.3 |  |  | — |
Adjustment of prior year taxes | (1.8) |  |  | 0.8 |  |  | (2.2) |
Transaction costs | — |  |  | 0.1 |  |  | 6.0 |
Compensation limitation | 0.7 |  |  | 2.9 |  |  | 2.2 |
Unrecognized tax benefit | (9.0) |  |  | 1.2 |  |  | 2.2 |
GILTI, net | 20.7 |  |  | 13.0 |  |  | 5.4 |
Foreign withholding tax | 4.7 |  |  | — |  |  | — |
Permanent differences | 3.2 |  |  | (1.2) |  |  | 2.1 |
Income tax (benefit) provision | $ | (7.4) |  |  | $ | 83.7 |  |  | $ | 106.1 |
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
(As Restated) |  | (As Revised) |  | (As Revised)
Gross unrecognized tax benefits, beginning of period | $ | 12.7 |  |  | $ | 12.2 |  |  | $ | 8.9 |
Increases (decreases) for tax positions for prior years | (1.5) |  |  | 0.3 |  |  | — |
Increases for tax positions for current year | 0.7 |  |  | 0.2 |  |  | 5.1 |
Settlements | — |  |  | — |  |  | (1.8) |
Lapse of statute of limitations | (5.1) |  |  | — |  |  | — |
Gross unrecognized tax benefits, end of period | $ | 6.8 |  |  | $ | 12.7 |  |  | $ | 12.2 |

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