INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income Before Taxes

Components of income (loss) from continuing operations before income taxes - U.S. and outside U.S. components of income (loss) from continuing operations before income taxes were as follows:

	Year Ended December 31,
(In millions)	2023		2022		2021
United States	$	15.2	$	(148.8)	$	(288.2)
Outside United States	191.3		217.7		486.3
Income (loss) from continuing operations before income taxes	$	206.5	$	68.9	$	198.1

Schedule of Provision for Income Taxes

Provision for income tax - The provision for income taxes consisted of:

	Year Ended December 31,
(In millions)	2023		2022		2021
Current
United States	$	7.3	$	(0.5)	$	0.2
Outside United States	201.6		118.9		206.0
Total current income taxes	208.9		118.4		206.2
Deferred
Outside United States	(54.2)		(13.0)		(95.1)
Total deferred income taxes	(54.2)		(13.0)		(95.1)
Provision for income taxes	$	154.7	$	105.4	$	111.1

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities - Significant components of deferred tax assets and liabilities were as follows: 

	December 31,
(In millions)	2023		2022
Deferred tax assets attributable to
Accrued expenses	$	184.3	$	166.8
Capital loss	21.1		21.1
Non-deductible interest	96.4		87.7
Foreign tax credit carryforwards	120.4		136.5
Other tax credits	168.0		159.2
Net operating loss carryforwards	484.8		487.5
Research and development credit	23.3		13.7
Foreign exchange	—		21.7
Provisions for pensions and other long-term employee benefits	33.5		23.5
Contingencies	54.0		45.3
Leases	208.2		208.9
Other	11.1		6.4
Deferred tax assets	1,405.1		1,378.3
Valuation allowance	(917.4)		(999.1)
Deferred tax assets, net of valuation allowance	487.7		379.2
Deferred tax liabilities attributable to
Contract liabilities	24.7		23.1
Tax on undistributed earnings not indefinitely reinvested	60.0		13.4
Property, plant and equipment, intangibles and other assets	81.2		117.2
Foreign exchange	41.0		—
Leases	203.8		203.5
Other	4.4		5.0
Deferred tax liabilities	415.1		362.2
Net deferred tax assets	$	72.6	$	17.0

Schedule of Net Operating Losses

Our deferred tax assets from net operating losses will expire as follows:

(In millions)	Net Operating Loss
2024 – 2027	$	27.1
2028 – 2032	116.8
2033 – 2043	36.8
Non-Expiring	304.1
	$	484.8

Schedule of Unrecognized Tax Benefits and Associated Interest and Penalties

Unrecognized tax benefits - The following table presents a summary of changes in our unrecognized tax benefits: 

(In millions)	Federal, State and Foreign Tax
Balance at December 31, 2021	$	68.8
Reductions for tax positions related to prior years	(22.8)
Additions for tax positions related to current year	16.8
Additions for tax positions due to settlements	0.8
Balance at December 31, 2022	63.6
Reductions for tax positions related to prior years	(19.1)
Additions for tax positions related to current year	25.1
Reductions for tax positions due to settlements	(3.5)
Balance at December 31, 2023	$	66.1

Schedule of Reconciliation of Effective Tax Rate

Effective income tax rate reconciliation - The effective income tax rate was different from the statutory U.K. income tax rate due to the following:

	Year Ended December 31,
	2023		2022		2021
Statutory income tax rate	25.0	%	19.0	%	19.0	%
Net difference resulting from
Foreign earnings subject to different tax rates	70.1	%	114.0	%	24.4	%
Adjustments to prior year taxes	34.2	%	(56.5)	%	(52.4)	%
Net change in unrecognized tax benefits	(0.1)	%	7.4	%	12.3	%
Changes in valuation allowance	(53.1)	%	100.1	%	65.4	%
Deferred tax asset/liability revaluation for tax rate change	(0.6)	%	(29.0)	%	(12.2)	%
Other	(0.6)	%	(1.9)	%	(0.4)	%
Effective income tax rate	74.9	%	153.1	%	56.1	%

(1) In 2023 our effective tax rate had a (53.1%) benefit related to changes in valuation allowances. This primarily was related to the release of a valuation allowance in Brazil based on the weight of positive evidence demonstrating the ability to realize its deferred tax assets, which are primarily indefinite-lived net operating losses. Our effective tax rate also shows an expense of 34.2% related to adjustments to prior year taxes. This amount includes expenses associated with expiring tax attributes. These tax attributes were fully valued, and the valuation allowance movement and attributed expirations are shown gross in the effective tax rate table above. The expiration did not have a net impact on tax expense.