XML 45 R35.htm IDEA: XBRL DOCUMENT v3.25.1

Income taxes (Tables)

12 Months Ended

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

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 supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
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 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

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

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

X

- Definition

Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

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

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

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

+ Details

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