Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of income (loss) before taxes

The domestic and foreign components of income (loss) before income taxes for the years ended December 31 (in millions):

	2024			2023		2022
Domestic	$	(250.2	)	$	0.7	$	(13.3	)
Foreign		457.1			543.5		427.2
Total income before provision for income taxes	$	206.9		$	544.2	$	413.9

Components of income tax provision

The components of the income tax provision for the years ended December 31 (in millions):

	2024			2023			2022
Current income tax expense (benefit):
Federal	$	7.3		$	2.3		$	(10.4	)
State		3.7			2.4			2.5
Foreign		144.2			138.7			135.3
Total current income tax expense		155.2			143.4			127.4
Deferred income tax (benefit) expense :
Federal		(45.2	)		(18.1	)		(3.1	)
State		(4.3	)		(4.8	)		(1.7	)
Foreign		(14.3	)		(2.8	)		(6.2	)
Total deferred income tax benefit		(63.8	)		(25.7	)		(11.0	)
Income tax provision	$	91.4		$	117.7		$	116.4

Schedule of significant components due to which income tax provision differs from the tax provision computed at the U.S. federal statutory rate

The income tax provision differs from the tax provision computed at the U.S. federal statutory rate due to the following significant components:

	2024			2023			2022
Statutory tax rate		21.0	%		21.0	%		21.0	%
Foreign tax rate differential		6.6	%		3.5	%		5.2	%
Permanent differences		3.3	%		2.1	%		1.1	%
Contingent liability		4.8	%		—			—
U.S. tax on foreign earnings		5.4	%		1.0	%		(0.1	)%
Stock compensation		(0.6	)%		(0.3	)%		(0.6	)%
Tax contingencies		2.2	%		—			3.3	%
Change in tax rates		(1.0	)%		0.1	%		0.1	%
Repatriation of foreign earnings		1.7	%		1.0	%		0.2	%
State income taxes, net of federal benefits		(1.0	)%		(0.6	)%		0.2	%
Research and development credits		(8.6	)%		(2.0	)%		(2.1	)%
Tax impact on bargain purchase gain		0.8	%		(5.6	)%		—
Return to provision adjustments		3.1	%		0.3	%		(0.5	)%
Withholding taxes and other taxes		3.2	%		—			0.3	%
Other		1.1	%		(0.2	)%		0.1	%
Change in valuation allowance		2.2	%		1.3	%		(0.1	)%
Effective tax rate		44.2	%		21.6	%		28.1	%

Schedule of tax effect of temporary items that give rise to significant portions of deferred tax assets and liabilities

The tax effect of temporary items that give rise to significant portions of the deferred tax assets and liabilities are as follows (in millions):

	2024			2023
Deferred tax assets:
Accrued expenses	$	9.8		$	5.8
Compensation		32.7			20.5
Section 174 capitalization		68.2			50.5
Disallowed interest carryforwards		56.7			20.7
Net operating loss carryforwards		200.8			180.5
Foreign tax and other tax credit carryforwards		24.3			16.7
Unrealized currency gain/loss		24.4			18.6
Inventory		3.3			5.5
Hedge unrealized FX gain/loss		1.5			22.5
Lease liabilities		35.6			22.8
Other		10.4			7.5
Gross deferred tax assets		467.7			371.6
Less valuation allowance		(60.4	)		(13.8	)
Total deferred tax assets		407.3			357.8
Deferred tax liabilities:
Accounts payable		—			6.6
Deferred revenue		0.7			2.6
Fixed assets		16.4			17.2
Foreign patent reserves		0.8			1.8
Intangibles		172.1			64.1
Accrued expenses		4.5			3.1
Accrued withholding tax		9.6			10.2
Right-of-use asset		35.5			21.5
Other		—			1.1
Total deferred tax liabilities		239.6			128.2
Net deferred tax assets	$	167.7		$	229.6

Schedule of changes in the valuation allowance for deferred tax assets

Balance at December 31, 2021	$	7.1
Decreases recorded for valuation allowance release		(0.5	)
Balance at December 31, 2022		6.6
Increases recorded as an expense to income tax provision		7.2
Balance at December 31, 2023		13.8
Increases recorded as an expense to income tax provision		3.8
Increases recorded through purchase accounting		42.8
Balance at December 31, 2024	$	60.4

Tabular reconciliation of the beginning and ending amount of unrecognized tax benefits

Gross unrecognized tax benefits at December 31, 2021	$	51.4
Gross decreases—tax positions in prior periods		(8.2	)
Gross increases—current period tax positions		11.7
Gross unrecognized tax benefits at December 31, 2022		54.9
Gross decreases—tax positions in prior periods		(3.8	)
Gross increases—current period tax positions		7.4
Gross unrecognized tax benefits at December 31, 2023		58.5
Gross decreases—tax positions in prior periods		(1.8	)
Gross increases—current period tax positions		7.0
Gross unrecognized tax benefits at December 31, 2024	$	63.7