XML 56 R44.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022 were as follows:

(in millions)		2024				2023				2022
Domestic operations		$	(173.0	)		$	(124.8	)		$	(80.1	)
Foreign operations			85.7				111.7				95.0
Total		$	(87.3	)		$	(13.1	)		$	14.9

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, 2024, 2023 and 2022 was as follows:

(in millions)		2024				2023				2022
Income tax at U.S. statutory rate; 21%		$	(18.3	)		$	(2.7	)		$	3.1
Unrecognized tax expense (benefits)			(2.8	)			1.0				(7.6	)
Statutory tax rate changes			—				0.4				0.6
Statutory tax law changes			—				(3.6	)			—
State, local and other tax, net of federal benefit			(2.0	)			(1.3	)			1.6
Impact from foreign inclusions			0.6				(0.7	)			4.0
U.S. effect of foreign dividends and withholding taxes			4.1				3.9				1.8
Foreign income taxed at a higher effective rate			4.3				4.2				3.1
Brazilian Tax Assessments impact			(1.6	)			(13.3	)			1.9
Increase (decrease) in valuation allowance			2.4				5.4				3.4
General business credit			(0.4	)			(2.2	)			(1.9	)
Excess expense from stock-based compensation			1.3				0.6				0.5
Impairment of non-deductible goodwill			26.8				18.8				20.7
Impact of legal entity rationalization							—				(4.1	)
Prior period tax return adjustment			0.1				(1.0	)			(0.1	)
Other (decrease) increase			(0.2	)			(0.8	)			1.1
Income taxes as reported		$	14.3			$	8.7			$	28.1
Effective tax rate			(16.4	)%			(66.4	)%			188.6	%

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense for the years ended December 31, 2024, 2023 and 2022 were as follows:

(in millions)		2024				2023				2022
Current expense
Federal and other		$	(3.2	)		$	0.2			$	1.8
Foreign			24.4				28.6				25.0
Total current income tax expense			21.2				28.8				26.8
Deferred expense (benefit)
Federal and other		$	(7.0	)		$	(16.7	)		$	6.8
Foreign			0.1				(3.4	)			(5.5	)
Total deferred income tax (benefit) expense			(6.9	)			(20.1	)			1.3
Total income tax expense		$	14.3			$	8.7			$	28.1

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) as of December 31, 2024 and 2023 were as follows:

(in millions)		2024				2023
Deferred tax assets
Compensation and benefits		$	20.3			$	23.0
Pension			14.4				23.4
Inventory			8.1				10.4
Other reserves			13.9				18.9
Accounts receivable			5.1				7.4
Foreign tax credit carryforwards			6.8				6.4
Net operating loss carryforwards			74.8				76.7
Interest expense carryforwards			34.1				26.3
Section 174 capitalization			16.1				17.3
General business tax credit carryforwards			1.8				3.4
Other			2.1				5.2
Gross deferred income tax assets			197.5				218.4
Valuation allowance			(60.3	)			(59.2	)
Net deferred tax assets			137.2				159.2
Deferred tax liabilities
Depreciation			(3.8	)			(5.7	)
Unremitted non-U.S. earnings accrual			(4.1	)			(4.0	)
Identifiable intangibles			(151.9	)			(170.4	)
Other							—
Gross deferred tax liabilities			(159.8	)			(180.1	)
Net deferred tax liabilities		$	(22.6	)		$	(20.9	)

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, 2024, 2023 and 2022 was as follows:

(in millions)		2024				2023				2022
Balance at beginning of year		$	28.0			$	39.1			$	43.3
Additions for tax positions of prior years			3.5				3.6				2.5
Reductions for tax positions of prior years			(5.6	)			(17.7	)			(8.3	)
Increase (decrease) resulting from foreign currency translation			(5.2	)			3.0				1.6
Balance at end of year		$	20.7			$	28.0			$	39.1

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration