Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income (Loss) From Continuing Operations Before Income Taxes Includes Results from Domestic and International Operations

Loss from continuing operations before income taxes includes the results from domestic and international operations as follows:


		Year Ended December 31,
		2023				2022				2021
U.S. companies		$	(811.6	)		$	(1,253.5	)		$	(409.0	)
Non-U.S. companies			93.7				53.8				19.8
Loss from continuing operations before income taxes		$	(717.9	)		$	(1,199.7	)		$	(389.2	)

Summary of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:


		Year Ended December 31,
		2023				2022				2021
Current:
Federal		$	80.7			$	38.3			$	(16.4	)
Foreign			68.0				32.4				74.8
State			0.4				15.6				7.7
Current income tax expense		$	149.1			$	86.3			$	66.1
Deferred:
Federal		$	0.3			$	(83.7	)		$	(97.1	)
Foreign			(23.3	)			(7.7	)			(1.8	)
State			7.3				(9.9	)			(6.4	)
Deferred income tax benefit			(15.7	)			(101.3	)			(105.3	)
Total income tax expense (benefit)		$	133.4			$	(15.0	)		$	(39.2	)

Summary of Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Expense (Benefit) for Income Taxes

The reconciliation of income taxes calculated at the statutory U.S. federal income tax rate to the Company’s expense (benefit) for income taxes was as follows:


		Year Ended December 31,
		2023				2022				2021
Benefit for income taxes at federal statutory rate		$	(150.8	)		$	(251.9	)		$	(81.8	)
State income taxes, net of federal tax effect			(1.3	)			(9.9	)			(18.0	)
Other permanent items			4.9				11.6				6.9
Equity-based compensation			8.1				(5.6	)			7.0
Other changes in tax laws and tax rulings			(4.1	)			4.7				37.4
Goodwill related items			113.4				232.0				—
Base erosion and anti-abuse tax			—				—				10.2
Foreign-derived intangible income deduction			(1.9	)			(7.4	)			(7.5	)
Federal tax credits			(20.0	)			(24.3	)			(19.5	)
Change in unrecognized tax benefits			(4.1	)			(7.6	)			(13.8	)
Withholding taxes and Subpart F income, net of foreign tax credits			15.2				26.7				19.3
Foreign earnings taxed at other than federal rate			5.9				6.5				5.2
Tax provision adjustments and revisions to prior yearsʾ returns			2.7				(3.2	)			(5.3	)
Change in valuation allowances			165.4				13.4				20.7
Total expense (benefit) for income taxes		$	133.4			$	(15.0	)		$	(39.2	)

Components of Deferred Income Tax Assets and Liabilities and Classification of Deferred Tax Balances

The components of deferred income tax assets and liabilities and the classification of deferred tax balances on the balance sheet were as follows:


		December 31,
		2023				2022
Deferred tax assets:
Accounts receivable, inventory and warranty reserves		$	210.3			$	136.8
Employee benefits			42.1				59.0
Foreign net operating loss and tax credit carryforwards			593.4				565.0
Federal net operating loss and tax credit carryforwards			24.2				22.0
State net operating loss and tax credit carryforwards			105.7				103.6
Unrecognized tax benefits			27.9				30.8
Interest limitation			158.8				75.4
Capitalized research and development costs			506.2				471.6
Other			82.9				92.1
Total deferred tax assets			1,751.5				1,556.3
Valuation allowance			(838.5	)			(642.0	)
Total deferred tax assets, net of valuation allowance		$	913.0			$	914.3

Deferred tax liabilities:
Intangible assets		$	(353.9	)		$	(485.3	)
Property, plant and equipment			(14.3	)			(16.4	)
Undistributed foreign earnings			(21.4	)			(20.6	)
Other			(18.5	)			(12.9	)
Total deferred tax liabilities			(408.1	)			(535.2	)
Net deferred tax asset		$	504.9			$	379.1

Deferred taxes recognized on the balance sheet:
Noncurrent deferred tax asset		$	615.6			$	494.6
Noncurrent deferred tax liability			(110.7	)			(115.5	)
Net deferred tax asset		$	504.9			$	379.1

Reconciliation of Beginning and End of Period Amounts of Gross Unrecognized Tax Benefits

The following table reflects a reconciliation of the beginning and end of period amounts of gross unrecognized tax benefits, excluding interest and penalties:


		Year Ended December 31,
		2023				2022				2021
Balance at beginning of period		$	145.5			$	176.6			$	190.5
Increase related to prior periods			0.1				1.1				0.7
Decrease related to prior periods			(7.9	)			(23.3	)			(0.3	)
Increase related to current periods			5.5				5.1				5.9
Decrease related to settlements with taxing authorities			(0.3	)			(13.4	)			(7.5	)
Decrease related to lapse in statutes of limitations			(3.2	)			(0.6	)			(12.7	)
Balance at end of period		$	139.7			$	145.5			$	176.6

Schedule of Components of Income Tax Expense (Benefit) Presented in Other Comprehensive Income (Loss)

The following table presents income tax expense (benefit) related to amounts presented in other comprehensive income (loss):


		Year Ended December 31,
		2023				2022				2021
Foreign currency translation		$	(2.9	)		$	1.2			$	1.2
Defined benefit plans			(0.3	)			0.8				6.6
Total		$	(3.2	)		$	2.0			$	7.8