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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) from Continuing Operations before Income Taxes and Provision (Benefit) for Income Taxes | Following is the total loss before income taxes and the provision (benefit) for income taxes.
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Income (loss) before income taxes |  |  |  |  |  |
United States |  | $ | (545.5) |  |  | $ | (177.2) |  |  | $ | (443.5) |
Foreign |  | 197.7 |  |  | 114.6 |  |  | (18.2) |
Total loss before income taxes |  | $ | (347.8) |  |  | $ | (62.6) |  |  | $ | (461.7) |
Provision (benefit) for income taxes |  |  |  |  |  |
Current |  |  |  |  |  |
United States |  | $ | 8.8 |  |  | $ | 15.9 |  |  | $ | 9.1 |
Foreign |  | 46.0 |  |  | 34.7 |  |  | 38.1 |
Total |  | 54.8 |  |  | 50.6 |  |  | 47.2 |
Deferred |  |  |  |  |  |
Foreign |  | 24.5 |  |  | (8.3) |  |  | (59.1) |
Total provision (benefit) for income taxes |  | $ | 79.3 |  |  | $ | 42.3 |  |  | $ | (11.9) |
Schedule of Reconciliation of Provision (Benefit) for Income Taxes | Following is a reconciliation of the benefit for income taxes at the United States statutory tax rate to the provision (benefit) for income taxes as reported:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
United States statutory income tax benefit |  | $ | (73.0) |  |  | $ | (13.2) |  |  | $ | (96.9) |
Income and losses for which no provision or benefit has been recognized |  | 123.2 |  |  | 40.9 |  |  | 91.1 |
Foreign rate differential and other foreign tax expense |  | 12.7 |  |  | 6.4 |  |  | 0.4 |
Income tax withholdings |  | 14.0 |  |  | 19.7 |  |  | 13.5 |
Permanent items |  | (3.0) |  |  | (2.1) |  |  | (1.8) |
Change in uncertain tax positions |  | 3.8 |  |  | 0.4 |  |  | (0.3) |
Change in valuation allowances |  | 2.1 |  |  | (9.8) |  |  | (0.8) |
U.S. income tax benefit |  | (0.6) |  |  | — |  |  | — |
Other |  | 0.1 |  |  | — |  |  | — |
Enacted rate changes |  | — |  |  | — |  |  | (17.1) |
Provision (benefit) for income taxes |  | $ | 79.3 |  |  | $ | 42.3 |  |  | $ | (11.9) |
Schedule of Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities were as follows:
As of December 31, |  | 2023 |  | 2022
Deferred tax assets |  |  |  |
Tax loss carryforwards |  | $ | 813.0 |  |  | $ | 825.5 |
Postretirement benefits |  | 183.0 |  |  | 149.6 |
Foreign tax credit carryforwards |  | 83.6 |  |  | 109.2 |
Other tax credit carryforwards |  | 29.1 |  |  | 32.7 |
Deferred revenue |  | 31.9 |  |  | 28.2 |
Employee benefits and compensation |  | 31.5 |  |  | 21.2 |
Purchased capitalized software |  | 19.4 |  |  | 16.9 |
Depreciation |  | 33.0 |  |  | 32.6 |
Warranty, bad debts and other reserves |  | 7.6 |  |  | 7.1 |
Capitalized costs |  | 9.0 |  |  | 6.2 |
Other |  | 57.6 |  |  | 49.9 |
|  | 1,298.7 |  |  | 1,279.1 |
Valuation allowance |  | (1,150.1) |  |  | (1,110.5) |
Total deferred tax assets |  | $ | 148.6 |  |  | $ | 168.6 |
Deferred tax liabilities |  |  |  |
Capitalized research and development |  | $ | 10.4 |  |  | $ | 31.0 |
Other |  | 25.1 |  |  | 29.2 |
Total deferred tax liabilities |  | $ | 35.5 |  |  | $ | 60.2 |
Net deferred tax assets |  | $ | 113.1 |  |  | $ | 108.4 |
Summary of Valuation Allowance | Changes in the valuation allowance was as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Valuation allowance, at beginning of year |  | $ | (1,110.5) |  |  | $ | (1,226.2) |  |  | $ | (1,271.5) |
Actuarial pension adjustments |  | 84.5 |  |  | 70.7 |  |  | 99.5 |
Expired net operating losses/tax credits |  | 42.9 |  |  | 52.3 |  |  | 50.0 |
Foreign exchange |  | (6.8) |  |  | 14.8 |  |  | 18.4 |
Recognition of income tax benefit (expense) (i) |  | (125.9) |  |  | (43.9) |  |  | (102.1) |
Other |  | (34.3) |  |  | 21.8 |  |  | (20.5) |
Valuation allowance, at end of year |  | $ | (1,150.1) |  |  | $ | (1,110.5) |  |  | $ | (1,226.2) |
(i) Includes U.S. pension activity of $(95.9) million, ($11.3) million and ($84.9) million for the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Tax Effected Tax Loss Carryforwards | The company has tax effected tax loss carryforwards as follows:
As of December 31, |  | 2023
U.S. Federal |  | $ | 366.0 |
State and local |  | 180.2 |
Foreign |  | 266.8 |
Total tax loss carryforwards |  | $ | 813.0 |
These carryforwards will expire as follows:
Year |
2024 | $ | 13.4 |
2025 | 20.8 |
2026 | 15.6 |
2027 | 40.8 |
2028 | 93.1 |
Thereafter | 358.2 |
Unlimited | 271.1 |
Total | $ | 813.0 |
Schedule of Tax Credit Carryforwards | The company also has available tax credit carryforwards, which will expire as follows:
Year |
2024 | $ | 22.5 |
2025 | 20.7 |
2026 | 33.7 |
2027 | 9.1 |
2028 | 0.3 |
Thereafter | 26.4 |
Total | $ | 112.7 |
Schedule of Cash Paid for Income Taxes, Net of Refunds | Cash paid for income taxes, net of refunds was as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Cash paid for income taxes, net of refunds |  | $ | 63.4 |  |  | $ | 49.0 |  |  | $ | 53.7 |
Schedule of Reconciliation of Changes in Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Balance at January 1 |  | $ | 17.8 |  |  | $ | 21.6 |  |  | $ | 30.9 |
Additions based on tax positions related to the current year |  | 4.6 |  |  | 1.9 |  |  | 3.5 |
Changes for tax positions of prior years |  | 2.6 |  |  | 1.2 |  |  | (8.8) |
Reductions as a result of a lapse of applicable statute of limitations |  | (4.6) |  |  | (5.4) |  |  | (2.6) |
Settlements |  | — |  |  | — |  |  | (0.3) |
Changes due to foreign currency |  | 0.5 |  |  | (1.5) |  |  | (1.1) |
Balance at December 31 |  | $ | 20.9 |  |  | $ | 17.8 |  |  | $ | 21.6 |

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