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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) from Continuing Operations before Income Taxes and Provision for Income Taxes | Following is the total loss before income taxes and the provision for income taxes.
Year ended December 31, |  | 2024 |  | 2023 |  | 2022
Income (loss) before income taxes |  |  |  |  |  |
United States |  | $ | (268.7) |  |  | $ | (545.5) |  |  | $ | (177.2) |
Foreign |  | 193.4 |  |  | 197.7 |  |  | 114.6 |
Total loss before income taxes |  | $ | (75.3) |  |  | $ | (347.8) |  |  | $ | (62.6) |
Provision (benefit) for income taxes |  |  |  |  |  |
Current |  |  |  |  |  |
United States |  | $ | 21.1 |  |  | $ | 8.8 |  |  | $ | 15.9 |
Foreign |  | 61.2 |  |  | 46.0 |  |  | 34.7 |
Total |  | 82.3 |  |  | 54.8 |  |  | 50.6 |
Deferred |  |  |  |  |  |
United States |  | 18.7 |  |  | — |  |  | — |
Foreign |  | 16.9 |  |  | 24.5 |  |  | (8.3) |
Total provision for income taxes |  | $ | 117.9 |  |  | $ | 79.3 |  |  | $ | 42.3 |
Schedule of Reconciliation of Provision for Income Taxes | Following is a reconciliation of the benefit for income taxes at the United States statutory tax rate to the provision for income taxes as reported:
Year ended December 31, |  | 2024 |  | 2023 |  | 2022
U.S. statutory income tax benefit |  | $ | (15.8) |  |  | $ | (73.0) |  |  | $ | (13.2) |
Income and losses for which no provision or benefit has been recognized |  | 63.0 |  |  | 123.2 |  |  | 40.9 |
Foreign rate differential and other foreign tax expense |  | 8.9 |  |  | 12.7 |  |  | 6.4 |
Income tax withholdings |  | 23.0 |  |  | 14.0 |  |  | 19.7 |
Additional tax expense on undistributed earnings of certain foreign subsidiaries |  | 27.3 |  |  | — |  |  | — |
Permanent items |  | 1.2 |  |  | (3.0) |  |  | (2.1) |
Change in uncertain tax positions |  | 1.3 |  |  | 3.8 |  |  | 0.4 |
Change in valuation allowances |  | 7.9 |  |  | 2.1 |  |  | (9.8) |
U.S. income tax benefit |  | — |  |  | (0.6) |  |  | — |
Other |  | 1.1 |  |  | 0.1 |  |  | — |
Provision for income taxes |  | $ | 117.9 |  |  | $ | 79.3 |  |  | $ | 42.3 |
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, |  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Tax loss carryforwards |  | $ | 787.6 |  |  | $ | 813.0 |
Pension and postretirement benefits |  | 196.5 |  |  | 183.0 |
Foreign tax credit carryforwards |  | 61.9 |  |  | 83.6 |
Other tax credit carryforwards |  | 29.5 |  |  | 29.1 |
Deferred revenue |  | 48.2 |  |  | 31.9 |
Employee benefits and compensation |  | 31.2 |  |  | 31.5 |
Purchased capitalized software |  | 18.4 |  |  | 19.4 |
Depreciation |  | 28.6 |  |  | 33.0 |
Warranty, bad debts and other reserves |  | 2.9 |  |  | 7.6 |
Capitalized costs |  | 9.3 |  |  | 9.0 |
Capitalized research and development |  | 6.7 |  |  | — |
Other |  | 76.0 |  |  | 57.6 |
|  | 1,296.8 |  |  | 1,298.7 |
Valuation allowance |  | (1,168.6) |  |  | (1,150.1) |
Total deferred tax assets |  | $ | 128.2 |  |  | $ | 148.6 |
Deferred tax liabilities |  |  |  |
Undistributed earnings of certain foreign subsidiaries |  | $ | 27.7 |  |  | $ | — |
Capitalized research and development |  | — |  |  | 10.4 |
Other |  | 32.6 |  |  | 25.1 |
Total deferred tax liabilities |  | $ | 60.3 |  |  | $ | 35.5 |
Net deferred tax assets |  | $ | 67.9 |  |  | $ | 113.1 |
Schedule of Valuation Allowance | Changes in the valuation allowance was as follows:
Year ended December 31, |  | 2024 |  | 2023 |  | 2022
Valuation allowance, at beginning of year |  | $ | (1,150.1) |  |  | $ | (1,110.5) |  |  | $ | (1,226.2) |
Actuarial pension adjustments |  | 24.8 |  |  | 84.5 |  |  | 70.7 |
Expired net operating losses/tax credits |  | 35.2 |  |  | 42.9 |  |  | 52.3 |
Foreign exchange |  | 15.5 |  |  | (6.8) |  |  | 14.8 |
Recognition of income tax benefit (expense) (i) |  | (56.0) |  |  | (125.9) |  |  | (43.9) |
Other |  | (38.0) |  |  | (34.3) |  |  | 21.8 |
Valuation allowance, at end of year |  | $ | (1,168.6) |  |  | $ | (1,150.1) |  |  | $ | (1,110.5) |
(i) Includes U.S. pension activity of $(44.8) million, ($95.9) million and ($11.3) million for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Tax Effected Tax Loss Carryforwards | The company has tax effected tax loss carryforwards as follows:
As of December 31, |  | 2024
U.S. Federal |  | $ | 339.6 |
State and local |  | 196.0 |
Foreign |  | 252.0 |
Total tax loss carryforwards |  | $ | 787.6 |
These carryforwards will expire as follows:
Year |
2025 | $ | 20.4 |
2026 | 15.1 |
2027 | 19.0 |
2028 | 89.9 |
2029 | 4.9 |
Thereafter | 361.0 |
Unlimited | 277.3 |
Total | $ | 787.6 |
Schedule of Tax Credit Carryforwards | The company also has available tax credit carryforwards, which will expire as follows:
Year |
2025 | $ | 20.8 |
2026 | 33.7 |
2027 | 9.1 |
2028 | 0.3 |
2029 | 0.1 |
Thereafter | 27.4 |
Total | $ | 91.4 |
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, |  | 2024 |  | 2023 |  | 2022
Cash paid for income taxes, net of refunds |  | $ | 56.4 |  |  | $ | 63.4 |  |  | $ | 49.0 |
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, |  | 2024 |  | 2023 |  | 2022
Balance at January 1 |  | $ | 20.9 |  |  | $ | 17.8 |  |  | $ | 21.6 |
Additions based on tax positions related to the current year |  | 2.5 |  |  | 4.6 |  |  | 1.9 |
Changes for tax positions of prior years |  | (3.4) |  |  | 2.6 |  |  | 1.2 |
Reductions as a result of a lapse of applicable statute of limitations |  | (5.8) |  |  | (4.6) |  |  | (5.4) |
Settlements |  | (0.5) |  |  | — |  |  | — |
Changes due to foreign currency |  | (0.2) |  |  | 0.5 |  |  | (1.5) |
Balance at December 31 |  | $ | 13.5 |  |  | $ | 20.9 |  |  | $ | 17.8 |

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