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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
Income before income taxes and non-controlling interests was as follows:
Year Ended December 31,
  (dollars in millions)
202420232022
Domestic$48.7 $2.6 $125.0 
Foreign239.0 126.5 147.0 
Total$287.7 $129.1 $272.0 
Schedule of Components of Income Tax Expense
Income tax expense consisted of the following:
Year Ended December 31,
  (dollars in millions)
202420232022
Current:   
U.S.:   
Federal$(1.6)$7.9 $0.6 
State and local2.5 2.7 1.8 
Foreign83.1 72.3 68.3 
Total current84.0 82.9 70.7 
Deferred:   
U.S.:   
Federal1.9 (57.2)17.5 
State and local1.5 (0.6)8.3 
Foreign(42.6)(12.1)(10.7)
Total deferred(39.2)(69.9)15.1 
Income tax expense $44.8 $13.0 $85.8 
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense differed from the amounts computed by applying the U.S. federal statutory tax rate to pre-tax income, as a result of the following:
Year Ended December 31,
  (dollars in millions)
202420232022
U.S. federal statutory tax rate21 %21 %21 %
Taxes computed at U.S. statutory rate$60.4 $27.1 $57.1 
State income taxes, net of federal benefit3.5 1.8 4.6 
U.S. tax on foreign operations4.2 1.8 3.2 
Section 250 deduction(10.5)(10.8)— 
Foreign tax credits(13.2)(8.2)— 
Foreign tax on foreign operations20.8 13.0 13.0 
Change in valuation allowances(67.3)(0.1)6.4 
Tax on undistributed foreign earnings0.8 5.1 5.9 
Changes in uncertain tax positions6.5 1.9 0.2 
Non-deductible goodwill impairment and Kuprion Acquisition research and development charge0.9 20.6 — 
Impact of amended U.S. tax returns12.1 (37.3)— 
Outside basis difference - Graphics business (22.5)— — 
Gain on Graphics restructuring43.6 — — 
Rate changes6.3 — — 
Other, net(0.8)(1.9)(4.6)
Income tax expense$44.8 $13.0 $85.8 
Effective tax rate16 %10 %32 %
Schedule of Components of Deferred Income Taxes
The components of deferred income taxes at December 31, 2024 and 2023 were as follows:
December 31,
  (dollars in millions)
20242023
Deferred tax assets:  
Net operating losses$79.5 $87.8 
Interest carryforward74.9 81.4 
Capital loss carryforward4.2 53.5 
Tax credits47.3 64.6 
Employee benefits14.4 17.9 
Research and development costs30.5 33.2 
Accrued liabilities5.3 6.4 
Outside basis difference - Graphics business22.5 — 
Other32.7 40.0 
Total gross deferred tax assets311.3 384.8 
Valuation allowances(69.5)(143.6)
Total deferred tax assets241.8 241.2 
Deferred tax liabilities:
Intangible assets130.6 154.5 
Property, plant and equipment26.7 33.2 
Undistributed foreign earnings32.9 32.3 
Goodwill12.2 9.6 
Total deferred tax liabilities202.4 229.6 
Net deferred tax asset (liability)$39.4 $11.6 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Year Ended December 31,
  (dollars in millions)
202420232022
Unrecognized tax benefits at beginning of period$111.6 $99.8 $106.6 
Additions based upon prior year tax positions14.9 19.6 1.0 
Additions based on current year tax positions13.8 9.6 5.3 
Reductions for prior period positions(3.4)(15.1)(5.7)
Reductions for settlements and payments(3.3)(1.6)(1.7)
Reductions due to closed statutes(8.4)(1.3)(1.9)
Currency translation adjustment(2.7)0.6 (3.8)
Total unrecognized tax benefits at end of period$122.5 $111.6 $99.8 
Schedule of Income Tax Examinations
At December 31, 2024, the following tax years remained subject to examination by the major tax jurisdictions indicated below:
Major JurisdictionsOpen Years
China2018through current
Germany2018through current
Taiwan2023through current
United Kingdom
2008, 2021
through current
United States2021through current