INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

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

	Year Ended December 31,
(dollars in millions)	2024		2023		2022
Domestic	$	48.7	$	2.6	$	125.0
Foreign	239.0		126.5		147.0
Total	$	287.7	$	129.1	$	272.0

Schedule of Components of Income Tax Expense

Income tax expense consisted of the following:

	Year Ended December 31,
(dollars in millions)	2024		2023		2022
Current:
U.S.:
Federal	$	(1.6)	$	7.9	$	0.6
State and local	2.5		2.7		1.8
Foreign	83.1		72.3		68.3
Total current	84.0		82.9		70.7
Deferred:
U.S.:
Federal	1.9		(57.2)		17.5
State and local	1.5		(0.6)		8.3
Foreign	(42.6)		(12.1)		(10.7)
Total deferred	(39.2)		(69.9)		15.1
Income tax expense	$	44.8	$	13.0	$	85.8

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)	2024			2023			2022
U.S. federal statutory tax rate	21		%	21		%	21		%
Taxes computed at U.S. statutory rate	$	60.4		$	27.1		$	57.1
State income taxes, net of federal benefit	3.5			1.8			4.6
U.S. tax on foreign operations	4.2			1.8			3.2
Section 250 deduction	(10.5)			(10.8)			—
Foreign tax credits	(13.2)			(8.2)			—
Foreign tax on foreign operations	20.8			13.0			13.0
Change in valuation allowances	(67.3)			(0.1)			6.4
Tax on undistributed foreign earnings	0.8			5.1			5.9
Changes in uncertain tax positions	6.5			1.9			0.2
Non-deductible goodwill impairment and Kuprion Acquisition research and development charge	0.9			20.6			—
Impact of amended U.S. tax returns	12.1			(37.3)			—
Outside basis difference - Graphics business	(22.5)			—			—
Gain on Graphics restructuring	43.6			—			—
Rate changes	6.3			—			—
Other, net	(0.8)			(1.9)			(4.6)
Income tax expense	$	44.8		$	13.0		$	85.8
Effective tax rate	16		%	10		%	32		%

Schedule of Components of Deferred Income Taxes

The components of deferred income taxes at December 31, 2024 and 2023 were as follows:

	December 31,
(dollars in millions)	2024		2023
Deferred tax assets:
Net operating losses	$	79.5	$	87.8
Interest carryforward	74.9		81.4
Capital loss carryforward	4.2		53.5
Tax credits	47.3		64.6
Employee benefits	14.4		17.9
Research and development costs	30.5		33.2
Accrued liabilities	5.3		6.4
Outside basis difference - Graphics business	22.5		—
Other	32.7		40.0
Total gross deferred tax assets	311.3		384.8
Valuation allowances	(69.5)		(143.6)
Total deferred tax assets	241.8		241.2
Deferred tax liabilities:
Intangible assets	130.6		154.5
Property, plant and equipment	26.7		33.2
Undistributed foreign earnings	32.9		32.3
Goodwill	12.2		9.6
Total deferred tax liabilities	202.4		229.6
Net deferred tax asset (liability)	$	39.4	$	11.6

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)	2024		2023		2022
Unrecognized tax benefits at beginning of period	$	111.6	$	99.8	$	106.6
Additions based upon prior year tax positions	14.9		19.6		1.0
Additions based on current year tax positions	13.8		9.6		5.3
Reductions for prior period positions	(3.4)		(15.1)		(5.7)
Reductions for settlements and payments	(3.3)		(1.6)		(1.7)
Reductions due to closed statutes	(8.4)		(1.3)		(1.9)
Currency translation adjustment	(2.7)		0.6		(3.8)
Total unrecognized tax benefits at end of period	$	122.5	$	111.6	$	99.8

Schedule of Income Tax Examinations

At December 31, 2024, 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	2023	through current
United Kingdom	2008, 2021	through current
United States	2021	through current