INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Tax

Income before income taxes and non-controlling interests was as follows:

	Year Ended December 31,
(dollars in millions)	2023		2022		2021
Domestic	$	2.6	$	125.0	$	92.0
Foreign	126.5		147.0		159.7
Total	$	129.1	$	272.0	$	251.7

Schedule of Components of Income Tax Expense

Income tax expense consisted of the following:

	Year Ended December 31,
(dollars in millions)	2023		2022		2021
Current:
U.S.:
Federal	$	7.9	$	0.6	$	(3.9)
State and local	2.7		1.8		2.9
Foreign	72.3		68.3		96.0
Total current	82.9		70.7		95.0
Deferred:
U.S.:
Federal	(57.2)		17.5		(1.8)
State and local	(0.6)		8.3		(30.3)
Foreign	(12.1)		(10.7)		(14.6)
Total deferred	(69.9)		15.1		(46.7)
Income tax expense	$	13.0	$	85.8	$	48.3

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differed from the amounts computed by applying the U.S. federal statutory tax rate to pre-tax income, as a result of the following:

	Year Ended December 31,
(dollars in millions)	2023			2022			2021
U.S. federal statutory tax rate	21		%	21		%	21		%
Taxes computed at U.S. statutory rate	$	27.1		$	57.1		$	52.9
State income taxes, net of federal benefit	1.8			4.6			5.7
U.S. tax on foreign operations	1.8			3.2			3.9
Foreign derived intangible income deduction	(10.8)			—			—
Foreign tax credits	(8.2)			—			—
Foreign tax on foreign operations	13.0			13.0			17.0
Change in valuation allowances	(0.1)			6.4			(63.6)
Tax on undistributed foreign earnings	5.1			5.9			4.7
Changes in uncertain tax positions	1.9			0.2			29.4
Non-deductible goodwill impairment and Kuprion Acquisition research and development charge	20.6			—			—
One-time impact of amended U.S. tax returns	(37.3)			—			—
Other, net	(1.9)			(4.6)			(1.7)
Income tax expense	$	13.0		$	85.8		$	48.3
Effective tax rate	10		%	32		%	19		%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income taxes at December 31, 2023 and 2022 were as follows:

	December 31,
(dollars in millions)	2023		2022
Deferred tax assets:
Net operating losses	$	87.8	$	98.5
Interest carryforward	81.4		39.4
Capital loss carryforward	53.5		54.2
Tax credits	64.6		32.2
Employee benefits	17.9		18.1
Research and development costs	33.2		28.0
Accrued liabilities	6.4		6.3
Other	40.0		49.6
Total gross deferred tax assets	384.8		326.3
Valuation allowances	(143.6)		(153.2)
Total deferred tax assets	241.2		173.1
Deferred tax liabilities:
Intangible assets	154.5		175.6
Property, plant and equipment	33.2		28.1
Undistributed foreign earnings	32.3		28.2
Goodwill	9.6		10.9
Total deferred tax liabilities	229.6		242.8
Net deferred tax asset (liability)	$	11.6	$	(69.7)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	Year Ended December 31,
(dollars in millions)	2023		2022		2021
Unrecognized tax benefits at beginning of period	$	99.8	$	106.6	$	82.5
Additions based upon prior year tax positions	19.6		1.0		22.9
Additions based on current year tax positions	9.6		5.3		8.1
Reductions for prior period positions	(15.1)		(5.7)		(4.9)
Reductions for settlements and payments	(1.6)		(1.7)		(0.1)
Reductions due to closed statutes	(1.3)		(1.9)		(1.0)
Currency translation adjustment	0.6		(3.8)		(0.9)
Total unrecognized tax benefits at end of period	$	111.6	$	99.8	$	106.6

Schedule of Income Tax Examinations

At December 31, 2023, the following tax years remained subject to examination by the major tax jurisdictions indicated below:

Major Jurisdictions	Open Years
China	2018	through current
Germany	2018	through current
Taiwan	2018, 2022	through current
United Kingdom	2008, 2021	through current
United States	2020	through current