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Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
			2023						2022						2021
Current
Federal			$	(0.6)					$	(9.4)					$	(3.1)
State			0.5						1.9						14.9
International			36.7						33.8						28.9
Total current			36.6						26.3						40.7
Deferred
Federal			(2.0)						(37.7)						37.1
State			(1.2)						(3.2)						4.2
International			(4.1)						7.2						1.6
Total deferred			(7.3)						(33.7)						43.0
Income tax (benefit) provision			$	29.3					$	(7.4)					$	83.7

Schedule of Deferred Tax Assets and Liabilities

The Company's net deferred tax liability consists of the following:

			December 31,
			2023						2022
Deferred tax assets
Federal losses carryforward			$	58.7					$	14.8
State losses carryforward			38.9						13.0
R&D carryforward			21.9						18.4
Stock compensation			6.8						10.4
Foreign losses carryforward			13.9						9.1
Deferred revenue			—						2.0
Inventory reserves			12.6						10.9
Lease liability			4.3						4.7
IRC 263A capitalized costs			2.8						5.2
Capitalized R&D			35.3						27.3
IRC 163(j) Interest Limitation			26.2						7.9
Fixed assets			26.7						0.1
Intangible assets			13.8						—
Accrued compensation			2.8						0.5
Other			4.8						6.5
Gross deferred tax assets			269.5						130.8
Valuation allowance			(257.8)						(65.1)
Total deferred tax assets			11.7						65.7
Deferred tax liabilities
Fixed assets			(2.6)						(63.7)
Intangible assets			(40.4)						(46.1)
Right-of-use asset			(4.0)						(4.5)
Foreign Withholding Tax			(5.5)						(4.7)
Prepaid expenses			(4.2)						(3.9)
Other			(2.2)						(2.5)
Total deferred tax liabilities			(58.9)						(125.4)
Net deferred tax liabilities			$	(47.2)					$	(59.7)

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,
			2023						2022						2021
U.S.			$	(805.1)					$	(442.6)					$	100.1
International			73.9						224.0						203.3
Earnings (losses) before taxes on income			(731.2)						(218.6)						303.4
Federal tax at statutory rates			$	(153.6)					$	(46.0)					$	63.5
State taxes, net of federal benefit			(52.7)						(13.5)						14.1
Impact of foreign operations			(8.5)						(7.2)						(18.7)
Change in valuation allowance			193.6						37.8						8.2
Tax credits			(0.9)						(3.5)						(4.7)
Stock compensation			6.8						4.7						(3.9)
Goodwill Impairments			23.3						1.8						8.3
Adjustment of prior year taxes			1.3						(1.8)						0.8
Transaction costs			—						—						0.1
Compensation limitation			0.3						0.7						2.9
Unrecognized tax benefit			(0.6)						(9.0)						1.2
GILTI, net			17.8						20.7						13.0
Foreign withholding tax			0.8						4.7						—
Permanent differences			1.7						3.2						(1.2)
Income tax (benefit) provision			$	29.3					$	(7.4)					$	83.7

Schedule of Unrecognized Tax Benefits Activity

The table below presents the gross unrecognized tax benefits activity for the years ended December 31, 2023, 2022 and 2021:

			Year Ended December 31,
			2023						2022						2021
Gross unrecognized tax benefits, beginning of period			$	6.8					$	12.7					$	12.2
Increases (decreases) for tax positions for prior years			0.4						(1.5)						0.3
Increases for tax positions for current year			0.1						0.7						0.2
Settlements			—						—						—
Lapse of statute of limitations			(0.7)						(5.1)						—
Gross unrecognized tax benefits, end of period			$	6.6					$	6.8					$	12.7

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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.

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