Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of:

	Year Ended December 31,
	2024		2023		2022
U.S.	$	(396.6)	$	(360.7)	$	(266.6)
Non-U.S	335.3		279.6		239.4
Income (loss) before provision for income taxes and equity in net income of affiliates	$	(61.3)	$	(81.1)	$	(27.2)

Schedule of Provision (Benefit) for Income Taxes

	Year Ended December 31,
	2024		2023		2022
Current tax provision:
U.S. Federal	$	31.9	$	29.2	$	62.8
State and local	8.7		10.1		11.8
Non-U.S.	83.2		58.4		49.3
Total current tax provision	$	123.8	$	97.7	$	123.9
Deferred tax provision:
U.S. Federal	$	(104.9)	$	(99.9)	$	(94.1)
State and local	(33.9)		(14.9)		(42.8)
Non-U.S.	(18.7)		(17.1)		(15.8)
Total deferred tax provision	$	(157.5)	$	(131.9)	$	(152.7)
Provision (benefit) for income taxes	$	(33.7)	$	(34.2)	$	(28.8)

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the significant differences between the U.S. Federal statutory tax rate and our effective tax rate for financial statement purposes:

	Year Ended December 31,
	2024		2023		2022
Statutory tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of U.S. Federal tax benefits (1)	44.0		8.5		123.2
Nondeductible charges (2)	(15.4)		(13.5)		(34.0)
U.S. taxes on foreign income	(8.9)		(5.2)		(11.3)
Non-U.S. taxes (3)	18.3		25.6		65.7
Valuation allowance	(1.0)		(1.0)		(2.4)
Interest	(3.1)		(1.0)		(0.5)
Tax credits and deductions	38.4		21.9		32.6
Tax contingencies related to uncertain tax positions	9.0		1.7		(4.4)
GILTI tax (4)	(42.8)		(18.1)		(80.9)
Pillar 2 global minimum tax	(4.8)		—		—
Other	0.2		2.3		(3.0)
Effective tax rate	54.9	%	42.2	%	106.0	%

(1)Primarily related to the impact of state apportionment changes in each year.

(2)The impact for 2024, 2023 and 2022 reflects non-deductible compensation costs.

(3)For the year ended December 31, 2023, the impact was primarily due to higher non-U.S. pre-tax income. For the year ended December 31, 2022, the impact was primarily the effect of lower consolidated pre-tax loss, compared to the prior year.

(4)Primarily due to a reduction to the Global intangible low-taxed income ("GILTI") inclusion in the U.S. due to an election allowing for the exclusion of certain income.

Schedule of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) are comprised of the following:

	December 31,
	2024		2023
Deferred tax assets:
Operating losses	$	69.6	$	69.7
Interest expense carryforward	225.7		183.3
Bad debts	7.2		6.5
Accrued expenses	16.7		12.9
Capital loss and credit carryforwards	13.3		13.6
Pension and postretirement benefits	21.2		28.5
ASC 842 - Lease liability	10.1		10.2
Equity Compensation	12.2		11.6
Other	7.7		7.3
Total deferred tax assets	$	383.7	$	343.6
Valuation allowance	(38.2)		(39.2)
Net deferred tax assets	$	345.5	$	304.4
Deferred tax liabilities:
Intangibles	$	(995.3)	$	(1,109.0)
Commission Assets	(42.3)		(39.2)
Fixed assets	(13.6)		(14.7)
ASC 842 - ROU asset	(9.8)		(9.8)
Other	(2.5)		(1.8)
Total deferred tax liabilities	$	(1,063.5)	$	(1,174.5)
Net deferred tax (liabilities) assets	$	(718.0)	$	(870.1)

Schedule of Reconciliation of Gross Unrecognized Tax Benefits

The following is a reconciliation of the gross unrecognized tax benefits:

Gross unrecognized tax benefits as of December 31, 2021	$	18.6
Additions for current year’s tax positions	1.0
Increase in prior years’ tax positions	0.4
Settlements with taxing authority	(0.3)
Reduction due to expired statute of limitations (1)	(0.8)
Gross unrecognized tax benefits as of December 31, 2022	$	18.9
Additions for current year’s tax positions	0.5
Increase in prior years’ tax positions	0.2
Reduction due to expired statute of limitations (2)	(2.2)
Gross unrecognized tax benefits as of December 31, 2023	$	17.4
Additions for current year’s tax positions	0.6
Increase in prior years’ tax positions	0.5
Settlements with taxing authority	(4.7)
Reduction due to expired statute of limitations (3)	(0.6)
Gross unrecognized tax benefits as of December 31, 2024	$	13.2

(1)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2018 tax year.

(2)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2019 tax year.

(3)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2020 tax year.