Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, (loss) income before income taxes were as follows ($ in millions):


	2024		2023		2022
United States	$	(1,070.9)	$	(324.7)	$	21.9
International	(13.8)		269.8		262.0
Total	$	(1,084.7)	$	(54.9)	$	283.9

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31 were as follows ($ in millions):


	2024		2023		2022
Current:
Federal U.S.	$	15.6	$	33.9	$	42.5
Non-U.S.	47.9		44.5		22.4
State and local	(0.2)		3.9		8.6
Deferred:
Federal U.S.	(31.0)		(27.3)		(31.3)
Non-U.S.	8.6		(3.4)		11.3
State and local	(7.0)		(6.3)		(7.6)
Income tax provision	$	33.9	$	45.3	$	45.9

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31 were as follows ($ in millions):


	2024		2023
Deferred tax assets:
Inventories	$	14.6	$	14.8
Pension benefits	9.7		10.3
Other accruals and prepayments	57.0		45.7
Lease liabilities	35.8		33.5
Stock-based compensation expense	10.0		8.6
Unrealized gains and losses	—		1.8
Interest expense	88.4		58.0
Capitalized research expenses	39.7		31.1
Tax credit and loss carryforwards	43.7		39.1
Valuation allowances	(112.3)		(57.2)
Total deferred tax asset	186.6		185.7
Deferred tax liabilities:
Property, plant and equipment	(4.6)		(6.7)
Unremitted Foreign Earnings	(16.7)		—
Unrealized gains and losses	(4.9)		—
Right-of-use assets	(33.0)		(29.8)
Goodwill and other intangible assets	(41.0)		(81.8)
Total deferred tax liability	(100.2)		(118.3)
Net deferred tax asset	$	86.4	$	67.4

Summary Of Effective Income Tax Rate

The effective income tax rate for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows:


	Percentage of Pretax Income
	2024		2023		2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in tax rate resulting from:
State income taxes (net of federal income tax benefit)	3.6		21.2		0.3
Impact of foreign operations	1.5		43.9		(5.0)
Foreign-Derived Intangible Income (“FDII”)	—		—		(0.7)
Subpart F and GILTI, net of foreign tax credits	(2.0)		(51.1)		6.7
Change in uncertain tax positions	0.1		1.5		(0.5)
Research and experimentation credits and other	0.5		10.5		(1.6)
Nondeductible convertible debt instrument	—		(12.6)		—
Nondeductible goodwill impairment	(21.8)		(96.7)		—
Permanent differences and other	(0.5)		2.0		(0.9)
Excess tax benefit from stock-based compensation	—		2.8		(1.6)
Impact of step-up of Swiss assets	(1.3)		9.5		(1.5)
Valuation allowance on nondeductible interest carryforwards	(2.6)		(34.5)		—
Unremitted foreign earnings	(1.6)		—		—
Effective income tax rate	(3.1)	%	(82.5)	%	16.2	%

Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties, is as follows ($ in millions):


	2024		2023		2022
Unrecognized tax benefits, beginning of year	$	5.1	$	6.6	$	5.7
Additions based on tax positions related to the current year	—		0.3		0.3
Additions for tax positions of prior years	—		0.3		4.2
Reductions for tax positions of prior years	—		(0.2)		—
Lapse of statute of limitations	(1.4)		(1.3)		(2.3)
Settlements	—		(0.4)		(1.1)
Effect of foreign currency translation	(0.1)		(0.2)		(0.2)
Unrecognized tax benefits, end of year	$	3.6	$	5.1	$	6.6