Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income (loss) from continuing operations before income taxes

	Years Ended December 31,
(In millions)	2023		2022	2021
Income (loss) from continuing operations before income taxes
U.S.	$	1.8	(44.3)	(1.8)
Foreign	234.0		270.5	237.3
Income from continuing operations before income taxes	$	235.8	226.2	235.5

Schedule of Components of Income Tax Expense Benefit

Provision (benefit) for income taxes from continuing operations
Current tax expense (benefit)
U.S. federal	$	2.7	2.8	0.5
State	4.0		1.6	0.9
Foreign	109.8		99.3	104.3
Current tax expense	116.5		103.7	105.7
Deferred tax expense (benefit)
U.S. federal	30.4		(59.3)	6.0
State	(4.0)		(0.1)	2.9
Foreign	(3.7)		(2.9)	5.7
Deferred tax expense (benefit)	22.7		(62.3)	14.6
Provision for income taxes of continuing operations	$	139.2	41.4	120.3

Comprehensive provision (benefit) for income taxes allocation

	Years Ended December 31,
(In millions)	2023		2022	2021
Comprehensive provision (benefit) for income taxes allocable to
Continuing operations	$	139.2	41.4	120.3
Discontinued operations	0.5		(0.9)	0.6
Other comprehensive income (loss)	(4.5)		55.9	55.3
Equity	—		—	—
Comprehensive provision for income taxes	$	135.2	96.4	176.2

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2023, 2022 and 2021.

	Years Ended December 31,
(In percentages)	2023		2022		2021
U.S. federal tax rate	21.0	%	21.0	%	21.0	%
Increases (reductions) in taxes due to:
Foreign rate differential	4.7		7.5		7.6
Taxes on cross border income, net of credits	7.9		6.9		4.6
Adjustments to valuation allowances	18.5		(21.1)		6.7
Foreign income taxes	6.0		(0.7)		6.1
French business tax	0.4		0.8		0.7
State income taxes, net	0.6		0.7		0.9
Share-based compensation	1.8		1.3		0.2
Acquisition costs	0.2		—		0.5
Other(a)	(2.1)		1.9		2.8
Actual income tax rate on continuing operations	59.0	%	18.3	%	51.1	%

(a)No individual item is above a 5% threshold.

Schedule of Deferred Tax Assets and Liabilities

Components of Deferred Tax Assets and Liabilities

	December 31,
(In millions)	2023		2022
Deferred tax assets
Pension liabilities	$	41.0	33.5
Retirement benefits other than pensions	19.7		23.8
Lease liabilities	88.2		80.9
Workers’ compensation and other claims	27.1		27.5
Property and equipment, net	44.3		54.1
Other assets and liabilities	136.4		113.3
Net operating loss carryforwards	57.2		53.4
Interest limitations and other tax carryforwards(a)	48.8		20.6
Foreign tax and other tax credits(b)	61.8		57.4
Subtotal	524.5		464.5
Valuation allowances	(128.0)		(77.3)
Total deferred tax assets	396.5		387.2
Deferred tax liabilities
Right-of-use assets, net	78.8		76.8
Goodwill and other intangibles	110.8		100.3
Other assets and miscellaneous	31.6		31.7
Deferred tax liabilities	221.2		208.8
Net deferred tax asset	$	175.3	178.4
Included in:
Noncurrent assets	$	231.8	246.2
Noncurrent liabilities	(56.5)		(67.8)
Net deferred tax asset	$	175.3	178.4

(a)U.S. interest limitation carryforward of $31.8 million has an unlimited carryforward and is not subject to a valuation allowance. In addition, foreign interest limitation and other tax carryforwards of $17.0 million have an unlimited carryforward and are subject to a full valuation allowance.

(b)U.S. foreign tax credits of $55.8 million expire in various years between 2024 and 2032 and other remaining credits of $6.0 million have various expiration periods. The U.S. foreign tax credits and other credits have a valuation allowance of $45.3 million.

Summary of Valuation Allowance

Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2023.

	Years Ended December 31,
(In millions)	2023		2022	2021
Valuation allowances:
Beginning of year	$	77.3	141.5	128.1
Expiring tax credits	(0.1)		(0.2)	(0.7)
Acquisitions and dispositions	(0.9)		—	(0.8)
Changes in judgment about deferred tax assets(a)	32.5		(46.1)	8.8
Other changes in deferred tax assets, charged to:
Income from continuing operations	11.3		(1.4)	7.4
Other comprehensive income (loss)	6.9		(13.9)	(0.2)
Foreign currency exchange effects	1.0		(2.6)	(1.1)
End of year	$	128.0	77.3	141.5

(a)Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. The 2022 change in judgment includes the impact of the U.S. final foreign tax credit regulations. We determined a significant amount of the post-2021 foreign withholding taxes will now be ineligible for U.S. foreign income tax credit treatment and therefore our U.S. operations will no longer annually be generating new foreign tax credits in excess of its annual foreign tax credit utilization limit. As a result, we expected to be able to utilize a substantial amount of our foreign tax credit and general business tax credit carryforwards to offset future tax prior to their expiration. The 2023 change in judgment includes the impact of Internal Revenue Notices which provide relief for foreign taxes paid in any taxable year beginning on or after December 28, 2021, and ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). We determined a significant amount of the post-2021 foreign withholding taxes will now be eligible for U.S. foreign income tax credit treatment and therefore our U.S. operations will annually be generating new foreign tax credits which should be creditable in the year generated. As a result, we no longer expect to be able to utilize a substantial amount of our foreign tax credit carryforwards to offset the future tax prior to their expiration.

Net Operating Losses

The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2023, was $57.2 million, and expires as follows:

(In millions)	Federal		State	Foreign	Total
Years of expiration
2024-2028	$	—	—	1.0	1.0
2029-2033	—		0.7	1.8	2.5
2034 and thereafter	—		11.6	5.2	16.8
Unlimited	1.2		2.2	33.5	36.9
	$	1.2	14.5	41.5	57.2

Uncertain Tax Positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Years Ended December 31,
(In millions)	2023		2022	2021
Uncertain tax positions:
Beginning of year	$	23.5	28.9	14.0
Increases related to prior-year tax positions	2.1		1.2	3.0
Decreases related to prior-year tax positions	(2.7)		(2.9)	(0.4)
Increases related to current-year tax positions	2.4		2.3	5.2
Increases related to acquisitions	—		0.3	11.8
Settlements	—		(2.4)	(2.5)
Effect of the expiration of statutes of limitation	(2.5)		(1.9)	(1.6)
Foreign currency exchange effects	0.7		(2.0)	(0.6)
End of year	$	23.5	23.5	28.9