Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income from continuing operations before income taxes consists of the following:

	For the Year Ended December 31,
	2023		2022		2021
United States	$	(100.9)	$	31.1	$	25.9
Foreign	158.9		67.8		48.2
Income from continuing operations before income taxes	$	58.0	$	98.9	$	74.1

Schedule of Components of Income Tax Expense (Benefit)

Significant components of income tax expense (benefit), net are as follows:

	For the Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	(15.5)	$	(1.3)	$	1.7
State and local	6.6		3.5		3.2
Foreign	91.2		15.4		16.5
Total current	82.3		17.6		21.4
Deferred:
Federal	1.5		(5.6)		(5.8)
State and local	(1.8)		1.9		1.1
Foreign	(79.0)		2.0		(3.2)
Total deferred	(79.3)		(1.7)		(7.9)
Total income tax expense, net	$	3.0	$	15.9	$	13.5

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense is as follows:

	Year Ended December 31,
	2023		2022		2021
Income tax expense at U.S. statutory rate	$	12.2	$	20.8	$	15.6
State income taxes, net of federal tax benefit	3.1		1.5		3.1
Foreign withholding taxes	6.3		0.2		1.6
U.S. taxation of international operations	18.7		1.4		(0.3)
Effective tax rate differential of earnings outside of United States	2.8		1.7		1.8
Change in valuation allowance	(2.0)		(11.6)		(5.9)
Research & experimentation	(2.0)		(2.9)		(1.0)
Provision to return	0.8		5.0		0.3
Non-deductible items	0.1		0.4		2.4
Change in uncertain tax positions	2.0		(0.3)		(0.2)
Share-based compensation	0.1		(1.1)		(4.1)
Capital (loss)	(40.5)		—		—
Unremitted earnings not permanently reinvested	0.9		—		—
Other items	0.5		0.8		0.2
Income tax expense	$	3.0	$	15.9	$	13.5

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

	December 31,
	2023		2022
Deferred tax assets (“DTA”):
Accruals and reserves	$	48.2	$	5.1
Loss contingency	0.5		70.3
Pensions	—		0.2
Inventory	127.0		78.1
Share-based compensation	2.6		2.3
R&D Amortization	18.1		7.4
Tax credit carryforwards	2.6		8.2
Interest limitation carryover	126.8		5.5
Foreign net operating loss carryforwards	36.0		8.7
State net operating loss carryforwards	4.2		2.1
Convertible notes	2.2		4.3
Property, plant and equipment – net DTA	4.4		5.2
Other – net DTA	2.2		2.9
Total deferred tax assets before valuation allowances	374.8		200.3
Valuation allowances	(90.3)		(5.4)
Total deferred tax assets, net of valuation allowances	$	284.5	$	194.9
Deferred tax liabilities (“DTL”):
Property, plant and equipment – net DTL	$	58.6	$	26.0
Goodwill and intangible assets	629.0		77.0
Pensions	6.4		—
Insurance receivable	—		53.5
Unremitted earnings (APB23)	19.7		—
Other – net DTL	0.6		3.1
Investments	2.3		4.5
Deferred revenue	123.5		72.0
Total deferred tax liabilities	$	840.1	$	236.1
Net deferred tax liabilities	$	555.6	$	41.2
The net deferred tax liability is classified as follows:
Other assets	$	(12.6)	$	(4.9)
Long-term deferred tax liabilities	568.2		46.1
Net deferred tax liabilities	$	555.6	$	41.2

Schedule of Reconciliation of Unrecognized Tax Benefits

The reconciliation of beginning to ending gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2023		2022		2021
Unrecognized tax benefits at beginning of the year	$	0.7	$	1.7	$	1.9
Additions for tax positions acquired during the current period	34.4		—		—
Additions (reductions) for tax positions taken during the prior period	3.7		—		0.4
Reductions relating to settlements with taxing authorities	(1.6)		(0.3)		—
Lapse of statutes of limitation	(0.2)		(0.7)		(0.6)
Unrecognized tax benefits at end of the year	$	37.0	$	0.7	$	1.7