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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income tax for the years ended December 31, 2022, 2021 and 2020 were as follows:

(in millions)		2022		2021		2020
Domestic operations	$	(80.1)	$	(5.6)	$	1.7
Foreign operations		95.0		117.0		76.9
Total	$	14.9	$	111.4	$	78.6

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21 percent to our effective income tax rate for the years ended December 31, 2022, 2021 and 2020 was as follows:

(in millions)		2022		2021		2020
Income tax at U.S. statutory rate; 21%	$	3.1	$	23.4	$	16.5
Unrecognized tax benefits		(7.6)		(1.9)		—
Impact of final GILTI regulations for 2018 and 2019		—		(1.0)		(2.7)
Statutory tax rate changes		0.6		(6.8)		(2.0)
Statutory tax law changes		—		(1.2)		—
State, local and other tax, net of federal benefit		3.6		2.0		0.1
Impact from foreign inclusions		4.0		3.2		1.3
U.S. effect of foreign dividends and withholding taxes		1.8		1.2		1.0
Foreign income taxed at a higher effective rate		1.1		1.5		1.4
Net Brazilian Tax Assessments impact		1.9		0.5		1.5
(Decrease) increase in valuation allowance		3.4		(11.4)		2.2
General business credit		(1.9)		(2.1)		—
Excess expense from stock-based compensation		1.1		0.5		0.9
Impairment of non-deductible goodwill		20.7		—		—
Impact of legal entity rationalization		(4.1)		—		—
Other increase (decrease)		0.4		1.6		(3.6)
Income taxes as reported	$	28.1	$	9.5	$	16.6
Effective tax rate		188.6 %		8.5 %		21.1 %

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense for the years ended December 31, 2022, 2021 and 2020 were as follows:

(in millions)		2022		2021		2020
Current expense (benefit)
Federal and other	$	1.8	$	2.0	$	(0.1)
Foreign		25.0		28.5		24.3
Total current income tax expense		26.8		30.5		24.2
Deferred expense (benefit)
Federal and other		6.8		(16.5)		(2.0)
Foreign		(5.5)		(4.5)		(5.6)
Total deferred income tax (benefit) expense		1.3		(21.0)		(7.6)
Total income tax expense	$	28.1	$	9.5	$	16.6

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) as of December 31, 2022 and 2021 were as follows:

(in millions)		2022		2021
Deferred tax assets
Compensation and benefits	$	15.5	$	14.4
Pension		23.2		41.2
Inventory		10.1		10.8
Other reserves		21.7		22.3
Accounts receivable		9.7		9.7
Foreign tax credit carryforwards		11.1		17.9
Net operating loss carryforwards		89.2		96.5
Interest expense carryforwards		17.0		15.2
Other		7.9		4.5
Gross deferred income tax assets		205.4		232.5
Valuation allowance		(51.9)		(52.4)
Net deferred tax assets		153.5		180.1
Deferred tax liabilities
Depreciation		(8.9)		(13.2)
Unremitted non-U.S. earnings accrual		(5.5)		(4.8)
Identifiable intangibles		(182.9)		(191.2)
Other		(0.6)		(0.2)
Gross deferred tax liabilities		(197.9)		(209.4)
Net deferred tax liabilities	$	(44.4)	$	(29.3)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020 was as follows:

(in millions)		2022		2021		2020
Balance at beginning of year	$	43.3	$	45.1	$	50.5
Additions for tax positions of prior years		2.5		4.5		2.9
Reductions for tax positions of prior years		(8.3)		(4.2)		(1.1)
Acquisitions		—		—		1.4
Increase resulting from foreign currency translation		1.6		—		—
Decrease resulting from foreign currency translation		—		(2.1)		(8.6)
Balance at end of year	$	39.1	$	43.3	$	45.1

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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.

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