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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign The sources of income (loss) before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2024, 2023 and 2022 (in millions):
202420232022
United States$(1,314.3)$(63.5)$(60.2)
Foreign880.7 1,397.0 1,167.4 
Income (loss) before income taxes and equity in net earnings of affiliates
$(433.6)$1,333.5 $1,107.2 
Schedule of Components of Income Tax Expense (Benefit) The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in millions):
202420232022
Current:
United States$(2.3)$61.2 $26.0 
Foreign203.3 433.6 328.6 
201.0 494.8 354.6 
Deferred:
United States(126.6)(82.8)(55.3)
Foreign24.0 (181.6)(2.7)
(102.6)(264.4)(58.0)
$98.4 $230.4 $296.6 
Schedule of Effective Income Tax Rate Reconciliation A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2024, 2023 and 2022) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022 is as follows (in millions):
202420232022
Provision for income taxes at United States federal statutory rate
$(91.1)$280.0 $232.5 
Impairment charges
108.1 — — 
State and local income taxes, net of federal income tax effects
(19.8)(3.0)(2.9)
Taxes on foreign income which differ from the United States statutory rate(1)
23.7 (193.9)43.6 
Foreign inclusion, net of foreign tax credits
42.8 13.5 4.4 
Tax effect of permanent differences13.6 (34.0)(4.6)
Change in valuation allowance(1)
13.1 116.5 0.7 
Change in tax contingency reserves30.1 33.2 25.5 
Research and development tax credits(6.4)(9.6)(6.9)
Brazil Amnesty Program, net of United States foreign tax credit
— 26.4 — 
Other, net(2)
(15.7)1.3 4.3 
$98.4 $230.4 $296.6 
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(1)    In 2023, a gross deferred tax asset of $197.7 million less a valuation allowance of $85.4 million was recognized to reflect future Swiss tax incentives the Company anticipates it will be able to utilize by 2034 when the incentive expires.
(2)    In recent decisions, the Brazilian courts have confirmed a favorable tax ruling regarding the taxability of certain state value added tax incentive benefits, which allowed the Company to record a $29.6 million reduction in the provision for income taxes during the year ended December 31, 2024. Further, in 2024, “Other, net” also includes a provision of approximately $12.7 million related to a noncontrolling interest.
Schedule of Deferred Tax Assets and Liabilities The significant components of the deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows (in millions):
20242023
Deferred Tax Assets:
Net operating loss carryforwards$30.3 $42.1 
Sales incentive discounts117.8 102.5 
Inventory valuation reserves48.8 50.0 
Pension and postretirement health care benefits
15.4 17.9 
Warranty and other reserves122.0 162.8 
Research and development tax credits0.3 5.1 
Foreign tax credits36.0 33.4 
Swiss tax basis adjustment
182.8 197.7 
Investment in affiliates67.5 — 
Other30.6 22.7 
Total gross deferred tax assets651.5 634.2 
Valuation allowance(147.2)(149.8)
Total deferred tax assets504.3 484.4 
Deferred Tax Liabilities:
Tax over book depreciation and amortization62.3 102.5 
Investment in affiliates— 3.9 
Other6.0 19.0 
Total deferred tax liabilities68.3 125.4 
Net deferred tax assets$436.0 $359.0 
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent$561.0 $481.6 
Deferred tax liabilities - noncurrent(125.0)(122.6)
$436.0 $359.0 
Summary of Valuation Allowance Changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 are summarized as follows (in millions):
Additions
DescriptionBalance at
Beginning
of Period		Acquired
Businesses
Charged (Credited) to
Costs and
Expenses(1)
Deductions(2)
Foreign
Currency
Translation		Balance at
End of Period
Year ended December 31, 2024      
Deferred tax valuation allowance$149.8 $— $13.1 $(8.7)$(7.0)$147.2 
Year ended December 31, 2023      
Deferred tax valuation allowance$47.3 $— $116.5 $(16.7)$2.7 $149.8 
Year ended December 31, 2022      
Deferred tax valuation allowance$47.4 $— $0.7 $— $(0.8)$47.3 
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(1)     The amounts recorded to expense in 2024 are primarily related to China and the amounts recorded to expense in 2023 are primarily related to Switzerland and the U.S. There were no amounts credited or charged through other comprehensive income during 2024, 2023 and 2022.
(2)      The deductions in 2024 are primarily related to reversal of valuation allowance from the divestiture of the majority of the Company's G&P business. The deductions in 2023 are primarily related to reversal of valuation allowance from the effective utilization of certain tax losses in the Brazil amnesty program.
Schedule of Unrecognized Tax Benefits Roll Forward A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2024 and 2023 is as follows (in millions):
20242023
Gross unrecognized income tax benefits at the beginning of the year$351.2 $281.7 
Additions for tax positions of the current year55.8 67.9 
Additions for tax positions of prior years7.4 5.5 
Reductions for tax positions of prior years for:
Changes in judgments(0.5)2.8 
Settlements during the year— (15.4)
Lapses of applicable statute of limitations(2.4)(2.0)
Foreign currency translation and other(24.1)10.7 
Gross unrecognized income tax benefits at the end of the year$387.4 $351.2