Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Earnings (Loss) From Continuing Operations Before Income Taxes

Following is a summary of earnings (loss) before income taxes for operations:

(In millions)	2024		2023	2022
United States	$	292.0	(440.5)	(233.2)
Foreign	354.0		86.0	417.1
Earnings (loss) before income taxes	$	646.0	(354.5)	183.9

Schedule of Income Tax Expense (Benefit)

Income tax (benefit) expense for the years ended December 31, 2024, 2023 and 2022 consists of the following:

(In millions)	2024		2023	2022
Current income taxes:
United States federal	$	86.2	67.0	92.0
State and local	6.0		11.9	11.2
Foreign	93.2		115.9	106.0
Total current	185.4		194.8	209.2
Deferred income taxes:
United States federal	(26.3)		(50.1)	(27.7)
State and local	(7.3)		(5.2)	9.6
Foreign	(23.6)		(54.6)	(33.0)
Total deferred	(57.2)		(109.9)	(51.1)
Total income tax expense	$	128.2	84.9	158.1

Schedule of Reconciliation of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to earnings before income taxes differs from the amounts computed by applying the United States statutory federal income tax rate to earnings before income taxes as follows:

(In millions)	2024		2023	2022
Income taxes at statutory rate	$	135.7	(74.4)	38.6
State and local income taxes, net of federal income tax benefit	(1.1)		5.7	4.9
Foreign income taxes (1)	(173.0)		(59.0)	(50.5)
Change in valuation allowance	218.7		302.8	44.8
Impairment of non-deductible goodwill	—		183.1	132.5
Fixed asset adjustments	(5.9)		(6.6)	(7.3)
Non-deductible expenses	10.3		9.3	11.2
General business credits and incentives	(16.6)		(316.3)	(21.8)
Global intangible low-taxed income	1.8		0.2	7.2
Prior period adjustments	3.6		(5.6)	4.5
Tax impact of restructuring	(50.8)		25.4	—
Tax contingencies and audit settlements, net	13.2		26.3	(0.1)
Impact of tax law changes on deferred taxes	6.3		0.8	—
Impact of foreign disregarded entities	(28.5)		—	—
Other, net	14.5		(6.8)	(5.9)
Income tax expense	$	128.2	84.9	158.1

(1) Foreign income taxes include statutory rate differences, financing arrangements, withholding taxes, local income taxes, notional deductions, and other miscellaneous items.

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are presented below:

(In millions)	2024		2023
Deferred tax assets:
Accounts receivable	$	13.9	26.2
Inventories	55.4		54.6
Employee benefits	53.5		49.7
Accrued expenses and other	142.3		124.0
Deductible state tax and interest benefit	15.8		12.2
Intangibles	56.1		122.6
Lease liabilities	103.2		100.4
Interest expense	53.3		44.1
Federal, foreign and state net operating losses and credits	940.3		814.4
Gross deferred tax assets	1,433.8		1,348.2
Valuation allowance	(760.5)		(582.7)
Net deferred tax assets	673.3		765.5
Deferred tax liabilities:
Inventories	(20.8)		(18.3)
Plant and equipment	(431.7)		(477.1)
Intangibles	(108.1)		(181.4)
Right of use operating lease assets	(96.6)		(93.8)
Prepaids	(52.0)		(52.5)
Other liabilities	(43.7)		(75.7)
Gross deferred tax liabilities	(752.9)		(898.8)
Net deferred tax liability	$	(79.6)	(133.3)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In millions)	2024		2023
Balance as of January 1	$	1,304.7	1,230.6
Additions based on tax positions related to the current year	5.8		4.1
Additions for tax positions of acquired companies	—		11.7
Additions for tax positions of prior years	6.8		21.7
Reductions resulting from change in tax rate	(45.7)		—
Reductions resulting from the lapse of the statute of limitations	(0.4)		(0.4)
Settlements with taxing authorities	(3.0)		(0.9)
Effects of foreign currency translation	(72.5)		37.9
Balance as of December 31	$	1,195.7	1,304.7