XML 55 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Taxes And Noncontrolling Interest
Income (loss) before taxes consisted of the following:
202320222021
United States$(389.5)$221.2 $61.7 
Foreign387.9 392.6 248.8 
Total$(1.6)$613.8 $310.5 
Schedule of Provision For Income Taxes
The provision for income taxes is summarized as follows:
202320222021
Current
 Federal $39.6 $101.6 $18.2 
 State6.4 10.2 10.6 
 Foreign122.0 87.2 54.6 
$168.0 $199.0 $83.4 
Deferred
 Federal $(84.3)$(50.7)$6.7 
 State(9.4)(12.1)(2.0)
 Foreign(21.6)(17.3)(13.4)
(115.3)(80.1)(8.7)
Total$52.7 $118.9 $74.7 
Schedule of Federal Statutory Expense (Benefit) and the Income Tax Expense
A reconciliation of the federal statutory expense (benefit) and the income tax expense reflected in the Consolidated Statements of Income (Loss) follows:
202320222021
Federal Statutory Expense (Benefit)(0.4)128.965.2
State Income Taxes, Net of Federal Benefit(8.6)3.22.6
Effect of Impairment Charges35.08.4
Foreign Rate Differential(10.8)(1.4)0.4
Research and Development Credit(8.7)(9.7)(8.4)
Valuation Allowance4.30.2(1.4)
Tax on Repatriation25.87.20.8
Transaction Costs6.96.3
US Tax on Foreign Operations14.26.73.9
Deferred Tax Remeasurement3.4(2.4)0.7
Other(8.4)(13.8)(3.8)
Income Tax Expense52.7118.974.7
Schedule of Components Of Net Deferred Tax Asset (Liability)
The components of this net deferred tax liability are as follows:
December 31, 2023December 31, 2022
Accrued Benefits$65.4 $52.1 
Bad Debt Allowances7.9 7.2 
Warranty Accruals8.4 6.2 
Inventory8.6 — 
Tax Loss Carryforward16.1 7.6 
Operating Lease Liability67.4 47.1 
Deferred Interest43.7 20.4 
Other32.3 21.8 
    Deferred Tax Assets before Valuation Allowance249.8 162.4 
Valuation Allowance(11.0)(5.2)
    Total Deferred Tax Assets238.8 157.2 
Property Related(92.5)(57.9)
Intangible Items(1,026.6)(585.5)
Accrued Liabilities(29.9)(11.6)
Derivative Instruments(8.3)(5.6)
Inventory— (5.4)
Operating Lease Asset(60.4)(39.1)
    Deferred Tax Liabilities(1,217.7)(705.1)
Net Deferred Tax Liability$(978.9)$(547.9)
Schedule of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:
Unrecognized Tax Benefits, January 2, 2021$6.8 
Gross Increases from Prior Period Tax Positions0.1 
Gross Increases from Current Period Tax Positions0.6 
Gross Increases from Acquisitions5.3 
Lapse of Statute of Limitations(4.0)
Unrecognized Tax Benefits, January 1, 2022$8.8 
Gross Increases from Current Period Tax Positions0.6 
Settlements with Taxing Authorities(2.0)
Lapse of Statute of Limitations(1.7)
Unrecognized Tax Benefits, December 31, 2022$5.7 
Gross Increases from Current Period Tax Positions0.3 
Gross Increases from Acquisitions3.8 
Lapse of Statute of Limitations(1.3)
Unrecognized Tax Benefits, December 31, 2023$8.5