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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of (Loss) Income before Income Tax, Domestic and Foreign | The components of (loss) income before income tax for the years ended December 31, 2023, 2022, and 2021 were as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic operations |  | $ | (124.8 | ) |  | $ | (80.1 | ) |  | $ | (5.6 | )
Foreign operations |  |  | 111.7 |  |  |  | 95.0 |  |  |  | 117.0 |
Total |  | $ | (13.1 | ) |  | $ | 14.9 |  |  | $ | 111.4 |
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, 2023, 2022, and 2021 was as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax at U.S. statutory rate; 21% |  | $ | (2.7 | ) |  | $ | 3.1 |  |  | $ | 23.4 |
Unrecognized tax expense (benefits) |  |  | 1.0 |  |  |  | (7.6 | ) |  |  | (1.9 | )
Impact of final GILTI regulations for 2018 and 2019 |  |  | — |  |  |  | — |  |  |  | (1.0 | )
Statutory tax rate changes |  |  | 0.4 |  |  |  | 0.6 |  |  |  | (6.8 | )
Statutory tax law changes |  |  | (3.6 | ) |  |  | — |  |  |  | (1.2 | )
State, local and other tax, net of federal benefit |  |  | (1.3 | ) |  |  | 1.6 |  |  |  | 0.6 |
Impact from foreign inclusions |  |  | (0.7 | ) |  |  | 4.0 |  |  |  | 1.2 |
U.S. effect of foreign dividends and withholding taxes |  |  | 3.9 |  |  |  | 1.8 |  |  |  | 1.2 |
Foreign income taxed at a higher effective rate |  |  | 4.2 |  |  |  | 3.1 |  |  |  | 2.9 |
Brazilian Tax Assessments impact |  |  | (13.3 | ) |  |  | 1.9 |  |  |  | 0.5 |
Increase (decrease) in valuation allowance |  |  | 5.4 |  |  |  | 3.4 |  |  |  | (11.4 | )
General business credit |  |  | (2.2 | ) |  |  | (1.9 | ) |  |  | (2.1 | )
Excess expense from stock-based compensation |  |  | 0.6 |  |  |  | 0.5 |  |  |  | 0.5 |
Impairment of non-deductible goodwill |  |  | 18.8 |  |  |  | 20.7 |  |  |  | — |
Impact of legal entity rationalization |  |  | — |  |  |  | (4.1 | ) |  |  | — |
Prior period tax return adjustment |  |  | (1.0 | ) |  |  | (0.1 | ) |  |  | (0.6 | )
Other (decrease) increase |  |  | (0.8 | ) |  |  | 1.1 |  |  |  | 4.2 |
Income taxes as reported |  | $ | 8.7 |  |  | $ | 28.1 |  |  | $ | 9.5 |
Effective tax rate |  |  | (66.4 | )% |  |  | 188.6 | % |  |  | 8.5 | %
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current expense |  |  |  |  |  |  |  |  |
Federal and other |  | $ | 0.2 |  |  | $ | 1.8 |  |  | $ | 2.0 |
Foreign |  |  | 28.6 |  |  |  | 25.0 |  |  |  | 28.5 |
Total current income tax expense |  |  | 28.8 |  |  |  | 26.8 |  |  |  | 30.5 |
Deferred expense (benefit) |  |  |  |  |  |  |  |  |
Federal and other |  | $ | (16.7 | ) |  | $ | 6.8 |  |  | $ | (16.5 | )
Foreign |  |  | (3.4 | ) |  |  | (5.5 | ) |  |  | (4.5 | )
Total deferred income tax (benefit) expense |  |  | (20.1 | ) |  |  | 1.3 |  |  |  | (21.0 | )
Total income tax expense |  | $ | 8.7 |  |  | $ | 28.1 |  |  | $ | 9.5 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets (liabilities) as of December 31, 2023 and 2022 were as follows:
(in millions) |  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |
Compensation and benefits |  | $ | 23.0 |  |  | $ | 15.5 |
Pension |  |  | 23.4 |  |  |  | 23.2 |
Inventory |  |  | 10.4 |  |  |  | 10.1 |
Other reserves |  |  | 18.9 |  |  |  | 21.7 |
Accounts receivable |  |  | 7.4 |  |  |  | 9.7 |
Foreign tax credit carryforwards |  |  | 6.4 |  |  |  | 11.1 |
Net operating loss carryforwards |  |  | 76.7 |  |  |  | 89.2 |
Interest expense carryforwards |  |  | 26.3 |  |  |  | 17.0 |
Section 174 capitalization |  |  | 17.3 |  |  |  | 7.3 |
General business tax credit carryforwards |  |  | 3.4 |  |  |  | — |
Other |  |  | 5.2 |  |  |  | 0.6 |
Gross deferred income tax assets |  |  | 218.4 |  |  |  | 205.4 |
Valuation allowance |  |  | (59.2 | ) |  |  | (51.9 | )
Net deferred tax assets |  |  | 159.2 |  |  |  | 153.5 |
Deferred tax liabilities |  |  |  |  |  |
Depreciation |  |  | (5.7 | ) |  |  | (8.9 | )
Unremitted non-U.S. earnings accrual |  |  | (4.0 | ) |  |  | (5.5 | )
Identifiable intangibles |  |  | (170.4 | ) |  |  | (182.9 | )
Other |  |  | — |  |  |  | (0.6 | )
Gross deferred tax liabilities |  |  | (180.1 | ) |  |  | (197.9 | )
Net deferred tax liabilities |  | $ | (20.9 | ) |  | $ | (44.4 | )
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, 2023, 2022, and 2021 was as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 39.1 |  |  | $ | 43.3 |  |  | $ | 45.1 |
Additions for tax positions of prior years |  |  | 3.6 |  |  |  | 2.5 |  |  |  | 4.5 |
Reductions for tax positions of prior years |  |  | (17.7 | ) |  |  | (8.3 | ) |  |  | (4.2 | )
Increase (decrease) resulting from foreign currency translation |  |  | 3.0 |  |  |  | 1.6 |  |  |  | (2.1 | )
Balance at end of year |  | $ | 28.0 |  |  | $ | 39.1 |  |  | $ | 43.3 |

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