Valuation and Qualifying Accounts and Reserves Years Ended December 31, 2023, 2022 and 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Description | | Balance at Beginning of Year | | Charged to Costs and Expenses | | Deductions | | | | Foreign Currency Translation and Other | | Balance at End of Year | | (In millions) | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | | | | | | | | | | | | Allowance for credit losses on trade receivables | | $ | 11.5 | | | $ | 3.1 | | | $ | — | | | (1) | | $ | 0.3 | | | $ | 14.9 | | | Inventory obsolescence reserve | | $ | 28.9 | | | $ | 18.3 | | | $ | (4.3) | | | (2) | | $ | 0.4 | | | $ | 43.3 | | | Valuation allowance on deferred tax assets | | $ | 179.5 | | | $ | 13.2 | | | $ | (0.2) | | | (3) | | $ | 13.1 | | | $ | 205.6 | | | Allowance for credit loss on debt investment | | $ | — | | | $ | — | | | $ | — | | | | | $ | — | | | $ | — | | | Year Ended December 31, 2022 | | | | | | | | | | | | | | Allowance for credit losses on trade receivables | | $ | 11.1 | | | $ | 6.2 | | | $ | (5.6) | | | (1) | | $ | (0.2) | | | $ | 11.5 | | | Inventory obsolescence reserve | | $ | 24.1 | | | $ | 19.8 | | | $ | (14.6) | | | (2) | | $ | (0.4) | | | $ | 28.9 | | Valuation allowance on deferred tax assets | | $ | 189.6 | | | $ | 2.0 | | | $ | (1.9) | | | (3) | | $ | (10.2) | | | $ | 179.5 | | | Allowance for credit loss on debt investment | | $ | 8.0 | | | $ | — | | | $ | (8.0) | | | (4) | | $ | — | | | $ | — | | | Year Ended December 31, 2021 | | | | | | | | | | | | | | Allowance for credit losses on trade receivables | | $ | 11.7 | | | $ | 2.1 | | | $ | (2.5) | | | (1) | | $ | (0.2) | | | $ | 11.1 | | | Inventory obsolescence reserve | | $ | 21.1 | | | $ | 9.5 | | | $ | (5.8) | | | (2) | | $ | (0.7) | | | $ | 24.1 | | Valuation allowance on deferred tax assets | | $ | 207.1 | | | $ | 3.7 | | | $ | (6.2) | | | (3) | | $ | (15.0) | | | $ | 189.6 | | | Allowance for credit loss on debt investment | | $ | — | | | $ | 8.0 | | | $ | — | | | | | $ | — | | | $ | 8.0 | |
(1)Primarily accounts receivable balances written off, net of recoveries. (2)Primarily items removed from inventory. (3)Primarily includes valuation allowances released as a result of the cessation of operations in certain jurisdictions and write off of related deferred tax asset balances. (4)Primarily due to exchange of debt investment for preferred securities of the same investee during 2022.
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