Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36733
Entity Registrant Name	AXALTA COATING SYSTEMS LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1073028
Entity Address, Address Line One	50 Applied Bank Blvd
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Glen Mills
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19342
City Area Code	855
Local Phone Number	547-1461
Title of 12(b) Security	Common Shares, $1.00 par value
Trading Symbol	AXTA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		220,083,039
Entity Central Index Key	0001616862
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,309.0	$ 1,238.7	$ 3,886.8	$ 3,647.7
Cost of goods sold	885.5	876.6	2,691.8	2,600.4
Selling, general and administrative expenses	209.0	186.4	625.2	571.6
Other operating charges	11.7	5.3	20.9	17.8
Research and development expenses	18.5	16.5	56.2	49.6
Amortization of acquired intangibles	20.9	30.4	66.4	94.9
Income from operations	163.4	123.5	426.3	313.4
Interest expense, net	55.1	35.0	157.9	101.1
Other expense, net	5.7	3.4	15.5	12.4
Income before income taxes	102.6	85.1	252.9	199.9
Provision for income taxes	29.3	21.8	58.0	51.6
Net income	73.3	63.3	194.9	148.3
Less: Net income attributable to noncontrolling interests	0.4	0.9	0.6	0.3
Net income attributable to controlling interests	$ 72.9	$ 62.4	$ 194.3	$ 148.0
Basic net income per share (in dollars per share)	$ 0.33	$ 0.28	$ 0.88	$ 0.67
Diluted net income per share (in dollars per share)	$ 0.33	$ 0.28	$ 0.87	$ 0.66

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 73.3	$ 63.3	$ 194.9	$ 148.3
Other comprehensive loss, before tax:
Foreign currency translation adjustments	(67.1)	(125.3)	(20.9)	(210.6)
Unrealized (loss) gain on derivatives	(0.4)	2.7	(1.7)	33.6
Unrealized gain on pension and other benefit plan obligations	0.2	0.7	0.8	2.3
Other comprehensive loss, before tax	(67.3)	(121.9)	(21.8)	(174.7)
Income tax provision (benefit) related to items of other comprehensive loss	0.2	0.2	(0.1)	4.9
Other comprehensive loss, net of tax	(67.5)	(122.1)	(21.7)	(179.6)
Comprehensive income (loss)	5.8	(58.8)	173.2	(31.3)
Less: Comprehensive (loss) income attributable to noncontrolling interests	(0.2)	(0.5)	(1.4)	0.2
Comprehensive income (loss) attributable to controlling interests	$ 6.0	$ (58.3)	$ 174.6	$ (31.5)

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 605.8	$ 645.2
Restricted cash	2.3	9.7
Accounts and notes receivable, net	1,301.1	1,067.4
Inventories	750.0	829.6
Prepaid expenses and other current assets	126.6	140.8
Total current assets	2,785.8	2,692.7
Property, plant and equipment, net	1,169.3	1,190.2
Goodwill	1,484.0	1,498.0
Identifiable intangibles, net	1,036.6	1,112.3
Other assets	520.3	566.0
Total assets	6,996.0	7,059.2
Current liabilities:
Accounts payable	709.9	733.5
Current portion of borrowings	32.0	31.0
Other accrued liabilities	616.4	620.2
Total current liabilities	1,358.3	1,384.7
Long-term borrowings	3,510.6	3,673.3
Accrued pensions	201.3	205.1
Deferred income taxes	145.4	162.1
Other liabilities	131.8	134.5
Total liabilities	5,347.4	5,559.7
Commitments and contingent liabilities (Note 5)
Shareholders’ equity:
Common shares, $1.00 par, 1,000.0 shares authorized, 253.7 and 252.4 shares issued at September 30, 2023 and December 31, 2022, respectively	253.7	252.4
Capital in excess of par	1,561.2	1,536.5
Retained earnings	1,213.1	1,018.8
Treasury shares, at cost, 33.6 and 31.8 shares at September 30, 2023 and December 31, 2022	(937.3)	(887.3)
Accumulated other comprehensive loss	(486.6)	(466.9)
Total Axalta shareholders’ equity	1,604.1	1,453.5
Noncontrolling interests	44.5	46.0
Total shareholders’ equity	1,648.6	1,499.5
Total liabilities and shareholders’ equity	$ 6,996.0	$ 7,059.2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common shares authorized (in shares)	1,000.0	1,000.0
Common shares issued (in shares)	253.7	252.4
Treasury shares, at cost (in shares)	33.6	31.8

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital In Excess Of Par	Retained Earnings	Treasury Shares, at cost	Accumulated Other Comprehensive Loss	Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2021		227.4
Beginning balance at Dec. 31, 2021	$ 1,538.7	$ 251.8	$ 1,515.5	$ 827.2	$ (687.2)	$ (414.4)	$ 45.8
Comprehensive income:
Net income	40.9			41.5			(0.6)
Net realized and unrealized gain (loss) on derivatives, net of tax	16.9					16.9
Long-term employee benefit plans, net of tax	0.5					0.5
Foreign currency translation, net of tax	(3.9)					(4.4)	0.5
Comprehensive income (loss)	54.4			41.5		13.0	(0.1)
Recognition of stock-based compensation	5.3		5.3
Shares issued under compensation plans (in shares)		0.4
Shares issued under compensation plans	(1.9)	$ 0.4	(2.3)
Changes in ownership of noncontrolling interests	(0.1)		(0.3)				0.2
Common stock purchases (in shares)		(6.4)
Common stock purchases	(175.1)				(175.1)
Dividends declared to noncontrolling interests	(0.1)						(0.1)
Ending balance (in shares) at Mar. 31, 2022		221.4
Ending balance at Mar. 31, 2022	1,421.2	$ 252.2	1,518.2	868.7	(862.3)	(401.4)	45.8
Beginning balance (in shares) at Dec. 31, 2021		227.4
Beginning balance at Dec. 31, 2021	1,538.7	$ 251.8	1,515.5	827.2	(687.2)	(414.4)	45.8
Comprehensive income:
Net income	148.3
Comprehensive income (loss)	(31.3)
Ending balance (in shares) at Sep. 30, 2022		220.6
Ending balance at Sep. 30, 2022	1,319.4	$ 252.4	1,526.9	975.2	(887.3)	(593.9)	46.1
Beginning balance (in shares) at Mar. 31, 2022		221.4
Beginning balance at Mar. 31, 2022	1,421.2	$ 252.2	1,518.2	868.7	(862.3)	(401.4)	45.8
Comprehensive income:
Net income	44.1			44.1
Net realized and unrealized gain (loss) on derivatives, net of tax	10.0					10.0
Long-term employee benefit plans, net of tax	0.4					0.4
Foreign currency translation, net of tax	(81.4)					(82.2)	0.8
Comprehensive income (loss)	(26.9)			44.1		(71.8)	0.8
Recognition of stock-based compensation	3.7		3.7
Shares issued under compensation plans (in shares)		0.1
Shares issued under compensation plans	(0.2)	$ 0.1	(0.3)
Common stock purchases (in shares)		(1.0)
Common stock purchases	(25.0)				(25.0)
Ending balance (in shares) at Jun. 30, 2022		220.5
Ending balance at Jun. 30, 2022	1,372.8	$ 252.3	1,521.6	912.8	(887.3)	(473.2)	46.6
Comprehensive income:
Net income	63.3			62.4			0.9
Net realized and unrealized gain (loss) on derivatives, net of tax	2.6					2.6
Long-term employee benefit plans, net of tax	0.6					0.6
Foreign currency translation, net of tax	(125.3)					(123.9)	(1.4)
Comprehensive income (loss)	(58.8)			62.4		(120.7)	(0.5)
Recognition of stock-based compensation	5.0		5.0
Shares issued under compensation plans (in shares)		0.1
Shares issued under compensation plans	0.4	$ 0.1	0.3
Ending balance (in shares) at Sep. 30, 2022		220.6
Ending balance at Sep. 30, 2022	1,319.4	$ 252.4	1,526.9	975.2	(887.3)	(593.9)	46.1
Beginning balance (in shares) at Dec. 31, 2022		220.6
Beginning balance at Dec. 31, 2022	1,499.5	$ 252.4	1,536.5	1,018.8	(887.3)	(466.9)	46.0
Comprehensive income:
Net income	60.5			60.5
Net realized and unrealized gain (loss) on derivatives, net of tax	(1.9)					(1.9)
Long-term employee benefit plans, net of tax	0.2					0.2
Foreign currency translation, net of tax	45.3					46.1	(0.8)
Comprehensive income (loss)	104.1			60.5		44.4	(0.8)
Recognition of stock-based compensation	6.3		6.3
Shares issued under compensation plans (in shares)		0.9
Shares issued under compensation plans	5.4	$ 0.9	4.5
Ending balance (in shares) at Mar. 31, 2023		221.5
Ending balance at Mar. 31, 2023	1,615.3	$ 253.3	1,547.3	1,079.3	(887.3)	(422.5)	45.2
Beginning balance (in shares) at Dec. 31, 2022		220.6
Beginning balance at Dec. 31, 2022	1,499.5	$ 252.4	1,536.5	1,018.8	(887.3)	(466.9)	46.0
Comprehensive income:
Net income	194.9
Comprehensive income (loss)	$ 173.2
Shares issued under compensation plans (in shares)	0.5
Ending balance (in shares) at Sep. 30, 2023		220.1
Ending balance at Sep. 30, 2023	$ 1,648.6	$ 253.7	1,561.2	1,213.1	(937.3)	(486.6)	44.5
Beginning balance (in shares) at Mar. 31, 2023		221.5
Beginning balance at Mar. 31, 2023	1,615.3	$ 253.3	1,547.3	1,079.3	(887.3)	(422.5)	45.2
Comprehensive income:
Net income	61.1			60.9			0.2
Net realized and unrealized gain (loss) on derivatives, net of tax	0.1					0.1
Long-term employee benefit plans, net of tax	0.6					0.6
Foreign currency translation, net of tax	1.5					2.1	(0.6)
Comprehensive income (loss)	63.3			60.9		2.8	(0.4)
Recognition of stock-based compensation	7.3		7.3
Shares issued under compensation plans (in shares)		0.2
Shares issued under compensation plans	3.1	$ 0.2	2.9
Ending balance (in shares) at Jun. 30, 2023		221.7
Ending balance at Jun. 30, 2023	1,689.0	$ 253.5	1,557.5	1,140.2	(887.3)	(419.7)	44.8
Comprehensive income:
Net income	73.3			72.9			0.4
Net realized and unrealized gain (loss) on derivatives, net of tax	(0.3)					(0.3)
Long-term employee benefit plans, net of tax	0.2					0.2
Foreign currency translation, net of tax	(67.4)					(66.8)	(0.6)
Comprehensive income (loss)	5.8			72.9		(66.9)	(0.2)
Recognition of stock-based compensation	5.7		5.7
Shares issued under compensation plans (in shares)		0.2
Shares issued under compensation plans	(1.8)	$ 0.2	(2.0)
Common stock purchases (in shares)		(1.8)
Common stock purchases	(50.0)				(50.0)
Dividends declared to noncontrolling interests	(0.1)						(0.1)
Ending balance (in shares) at Sep. 30, 2023		220.1
Ending balance at Sep. 30, 2023	$ 1,648.6	$ 253.7	$ 1,561.2	$ 1,213.1	$ (937.3)	$ (486.6)	$ 44.5

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Gain on derivatives, tax expense (benefit)	$ (0.1)	$ 0.5	$ 0.0	$ 0.1	$ 1.4	$ 2.6
Long-term employee benefit plans, net of tax expense (benefit)	0.0	(0.2)	0.0	0.1	0.3	0.4
Foreign currency translation, tax expense (benefit)	$ 0.3	$ (0.2)	$ (0.4)	$ 0.0	$ 0.0	$ 0.0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 194.9	$ 148.3
Adjustment to reconcile net income to cash provided by operating activities:
Depreciation and amortization	206.9	229.5
Amortization of deferred financing costs and original issue discount	6.5	7.2
Debt extinguishment and refinancing related costs	7.0	(0.6)
Deferred income taxes	(8.1)	2.8
Realized and unrealized foreign exchange losses, net	21.3	5.5
Stock-based compensation	19.3	14.0
Divestiture and impairment charges	15.3	0.7
Interest income on swaps designated as net investment hedges	(9.1)	(16.1)
Commercial agreement restructuring charge	0.0	25.0
Other non-cash, net	25.0	(1.6)
Changes in operating assets and liabilities:
Trade accounts and notes receivable	(212.9)	(242.4)
Inventories	65.8	(220.8)
Prepaid expenses and other assets	(68.3)	(78.9)
Accounts payable	17.3	189.7
Other accrued liabilities	8.8	(2.5)
Other liabilities	(0.4)	(11.6)
Cash provided by operating activities	289.3	48.2
Investing activities:
Purchase of property, plant and equipment	(105.3)	(107.5)
Interest proceeds on swaps designated as net investment hedges	9.1	16.1
Settlement proceeds on swaps designated as net investment hedges	29.4	25.0
Other investing activities, net	2.3	(1.5)
Cash used for investing activities	(64.5)	(67.9)
Financing activities:
Proceeds from short-term borrowings	8.8	0.0
Proceeds from long-term borrowings	197.4	0.0
Payments on short-term borrowings	(39.8)	(52.3)
Payments on long-term borrowings	(359.5)	(20.5)
Financing-related costs	(8.5)	(0.1)
Purchases of common stock	(50.0)	(200.1)
Net cash flows associated with stock-based awards	6.7
Net cash flows associated with stock-based awards		(1.7)
Deferred acquisition-related consideration	(7.7)	0.0
Other financing activities, net	(0.1)	(0.2)
Cash used for financing activities	(252.7)	(274.9)
Decrease in cash	(27.9)	(294.6)
Effect of exchange rate changes on cash	(18.9)	(29.9)
Cash at beginning of period	654.9	851.2
Cash at end of period	608.1	526.7
Cash at end of period reconciliation:
Cash and cash equivalents	605.8	517.4
Restricted cash	2.3	9.3
Cash at end of period	$ 608.1	$ 526.7

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position and shareholders' equity of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at September 30, 2023, the results of operations, comprehensive income (loss) and changes in shareholders' equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months then ended. All intercompany balances and transactions have been eliminated. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our entities are accounted for on a one-month lag basis, the effect of which is not material. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year ended December 31, 2023 or any future period(s). Summary of Significant Accounting Policies Updates Recently Adopted Accounting Guidance In January 2023, we adopted Accounting Standards Update ("ASU") 2022-04, Liabilities – Supplier Finance Programs, which codifies disclosure requirements for supplier financing programs. This ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Upon adoption of this ASU, we incorporated the required disclosures in Note 14. In addition to the disclosures included in Note 14, ASU 2022-04 requires a rollforward of activity for each supplier financing program beginning with reporting for the year ended December 31, 2024, at which time we will incorporate the required rollforward disclosure.

Revenue	9 Months Ended
Revenue	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Consideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the condensed consolidated balance sheets. The contract asset balances at September 30, 2023 and December 31, 2022 were $38.9 million and $40.6 million, respectively. We provide certain customers with incremental up-front consideration, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. We do not receive a distinct service or good in return for these BIPs, but rather receive volume commitments and/or sole supplier status from our customers over the life of the contractual arrangements. Substantially all of the termination clauses in these contractual arrangements include standard clawback provisions that enable us to collect monetary damages in the event of a customer's failure to meet its commitments under the relevant contract. BIPs are assessed for recoverability annually or more frequently when circumstances arise. At September 30, 2023 and December 31, 2022, the total carrying value of BIPs were $152.7 million and $152.3 million, respectively, and are presented within other assets in the condensed consolidated balance sheets. For the three and nine months ended September 30, 2023 and 2022, $18.9 million, $49.4 million, $14.3 million, and $44.2 million, respectively, was amortized and reflected as reductions of net sales in the condensed consolidated statements of operations. The total carrying value of BIPs excludes other up-front incentives with repayment features made in conjunction with long-term customer commitments of $5.5 million and $42.1 million at September 30, 2023 and December 31, 2022, respectively, of which $5.1 million and $4.9 million is included in prepaid expenses and other current assets in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022, respectively, with the remainder included in other assets. These up-front incentives with repayment features are subject to the credit risk of our customers and, depending on the financial condition of our customers, it is possible that some or all of the amounts may become uncollectible. During the three months ended September 30, 2023, it was determined that $29.8 million of up-front incentives with repayments features were collectible and reclassified to accounts and notes receivable, net in the condensed consolidated balance sheets. During the nine months ended September 30, 2022, we agreed to forgo collection of a portion of previously provided up-front incentives with a certain Performance Coatings customer, contingent upon this customer completing a recapitalization and restructuring of its indebtedness and executing a new long-term exclusive sales agreement with us. During the nine months ended September 30, 2022, a charge for this customer contract restructuring was recorded for $25.0 million in the condensed consolidated statements of operations, of which $20.3 million was recorded as a reduction to net sales and the remaining amount recorded in other expense. See Note 17 for disaggregated net sales by end-market.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2022 to September 30, 2023 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2022	$	1,422.5	$	75.5	$	1,498.0
Purchase accounting adjustments and divestitures	(0.4)		(0.1)		(0.5)
Foreign currency translation	(12.5)		(1.0)		(13.5)
Balance at September 30, 2023	$	1,409.6	$	74.4	$	1,484.0

Identifiable Intangible Assets

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


September 30, 2023	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	159.2	$	(82.5)	$	76.7	11.2
Trademarks—indefinite-lived	253.5		—		253.5		Indefinite
Trademarks—definite-lived	125.2		(56.1)		69.1		14.5
Customer relationships	1,095.5		(458.2)		637.3		19.3

Total	$	1,633.4	$	(596.8)	$	1,036.6

During the nine months ended September 30, 2023, we retired fully amortized assets totaling $396.0 million consisting of technology, trademarks, and other intangible assets.


December 31, 2022	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	555.2	$	(462.3)	$	92.9	10.3
Trademarks—indefinite-lived	255.6		—		255.6		Indefinite
Trademarks—definite-lived	126.7		(50.8)		75.9		14.5
Customer relationships	1,106.7		(418.8)		687.9		19.2
Other	0.6		(0.6)		—		5.0
Total	$	2,044.8	$	(932.5)	$	1,112.3

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2023 and each of the succeeding five years is:


Remainder of 2023	$	20.6
2024	81.6
2025	81.0
2026	80.6
2027	79.8
2028	66.5

Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

RESTRUCTURING

In accordance with the applicable guidance for Accounting Standards Codification ("ASC") 712, Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated.

During the three and nine months ended September 30, 2023 and 2022, we incurred benefits of $0.3 million, and costs of $2.2 million, $4.2 million, and $10.0 million, respectively, for termination benefits, net of changes in estimates. The majority of our termination benefits are recorded within other operating charges in the condensed consolidated statements of operations. The remaining payments associated with these actions are expected to be substantially completed within 12 months.

The following table summarizes the activity related to the termination benefit reserves and expenses from December 31, 2022 to September 30, 2023:


	2023 Activity
Balance at December 31, 2022	$	48.7
Expenses, net of changes to estimates	2.2
Payments made	(33.6)
Foreign currency translation	(0.1)
Balance at September 30, 2023	$	17.2

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees We guarantee certain of our customers’ obligations to third parties, whereby any default by our customers on their obligations could force us to make payments to the applicable creditors ("Customer Obligation Guarantees"). At September 30, 2023 and December 31, 2022, we had outstanding Customer Obligation Guarantees of $8.9 million and $7.1 million, respectively. Approximately one-tenth of our Customer Obligation Guarantees expire between 2023 and 2026, while the remainder do not have specified expiration dates. We monitor the Customer Obligation Guarantees to evaluate whether we have a liability at the balance sheet date. We did not have any liabilities related to our outstanding Customer Obligation Guarantees recorded at either September 30, 2023 or December 31, 2022. Operational Matter In January 2021, we became aware of an operational matter affecting certain North America Mobility Coatings customer manufacturing sites. The matter involves the use and application of certain of our products in combination with and incorporated within third-party products. The matter occurred over a discrete period during the fourth quarter of 2020. We concluded that losses from this matter were probable and that a majority of losses would be covered under our insurance policies, subject to deductible and policy limits as defined in our policies. For the three and nine months ended September 30, 2023 and September 30, 2022, we recorded expenses of $0.1 million and $0.1 million, benefits of $0.1 million and expenses of $0.1 million, respectively, within other operating charges in the condensed consolidated statements of operations. At September 30, 2023 and December 31, 2022, we had $36.2 million and $38.7 million, respectively, for estimated insurance receivables within accounts and notes receivable, net in the condensed consolidated balance sheets. Liabilities of $34.1 million and $42.3 million are recorded as other accrued liabilities in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022, respectively. The recorded probable losses remain an estimate and actual costs arising from this matter could be materially lower or higher depending on the actual costs incurred to repair the impacted products as well as the availability of additional insurance coverage. Other We are subject to various pending lawsuits, legal proceedings and other claims in the ordinary course of business, including civil, regulatory and environmental matters. These matters may involve third-party indemnification obligations and/or insurance covering all or part of any potential damage incurred by us. All of these matters are subject to many uncertainties and, accordingly, we cannot determine the ultimate outcome of the proceedings and other claims at this time. The potential effects, if any, on our condensed consolidated financial statements will be recorded in the period in which these matters are probable and estimable. Except as set forth in the "Operational Matter" section above, we believe that any sum we may be required to pay in connection with proceedings or claims in excess of the amounts recorded would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period. We are involved in environmental remediation and ongoing compliance activities at several sites. The timing and duration of remediation and ongoing compliance activities are determined on a site by site basis depending on local regulations. The liabilities recorded represent our estimable future remediation costs and other anticipated environmental liabilities. We have not recorded liabilities at sites where a liability is probable, but a range of loss is not reasonably estimable. We believe that any sum we may be required to pay in connection with environmental remediation matters in excess of the amounts recorded would likely occur over a period of time and would likely not have a material adverse effect upon our results of operations, financial condition or cash flows on a consolidated annual basis but could have a material adverse impact in a particular quarterly reporting period.

Long-term Employee Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Long-term Employee Benefits

LONG-TERM EMPLOYEE BENEFITS

Components of Net Periodic Benefit Cost

The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	1.5	$	1.5	$	4.4	$	4.8
Interest cost	5.0		2.3		14.7		7.2
Expected return on plan assets	(2.9)		(2.8)		(8.4)		(9.1)
Amortization of actuarial losses, net	0.2		0.7		0.6		2.4
Amortization of prior service credit, net	—		—		(0.1)		(0.1)

Net periodic benefit cost	$	3.8	$	1.7	$	11.2	$	5.2

All non-service components of net periodic benefit cost are recorded in other expense, net within the accompanying condensed consolidated statements of operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Subparagraph (o)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Stock-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

STOCK-BASED COMPENSATIONDuring the three and nine months ended September 30, 2023 and 2022, we recognized $5.7 million, $19.3 million, $5.0 million and $14.0 million, respectively, in stock-based compensation expense, which was allocated between costs of goods sold and selling, general and administrative expenses in the condensed consolidated statements of operations. We recognized tax benefits on stock-based compensation of $0.8 million, $2.4 million, $1.2 million and $2.2 million for the three and nine months ended September 30, 2023 and 2022, respectively.

2023 Activity

A summary of stock option award activity for the nine months ended September 30, 2023 is presented below.


Stock Options	Awards (in millions)	Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2023	1.1	$	26.56
Granted	—	$	—
Exercised	(0.5)	$	24.01
Forfeited / Expired	(0.1)	$	31.32
Outstanding at September 30, 2023	0.5	$	28.05
Vested and expected to vest at September 30, 2023	0.5	$	28.05	$	0.6	3.10
Exercisable at September 30, 2023	0.5	$	28.05	$	0.6	3.10

Cash received by the Company upon exercise of options for the nine months ended September 30, 2023 was $11.9 million.

Tax benefits on these exercises were $0.1 million.

At September 30, 2023, there was no unrecognized expense relating to unvested stock options.


Restricted Stock Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2023	1.6	$	27.38
Granted	0.8	$	29.76
Vested	(0.9)	$	27.05
Forfeited	(0.2)	$	28.80
Outstanding at September 30, 2023	1.3	$	28.75

Tax benefits on the vesting of restricted stock units during the nine months ended September 30, 2023 were $0.2 million.

At September 30, 2023, there was $18.2 million of unamortized expense relating to unvested restricted stock units that is expected to be amortized over a weighted average period of 1.4 years.


Performance Share Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2023	0.6	$	30.44
Granted	0.5	$	35.85
Vested	—	$	—
Forfeited	(0.3)	$	31.76
Outstanding at September 30, 2023	0.8	$	33.19

Our performance share units allow for participants to vest in zero to 200% of the targeted number of shares granted. At September 30, 2023, there was $14.3 million of unamortized expense relating to unvested performance share units that is expected to be amortized over a weighted average period of 2.4 years. The forfeitures include portions of performance share unit grants that were determined to not have vested during the period as a result of not meeting established financial performance thresholds.

OTHER EXPENSE, NET

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other Expense, Net

OTHER EXPENSE, NET


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign exchange losses, net	$	6.7	$	5.8	$	18.6	$	13.3

Debt extinguishment and refinancing-related costs	4.0		(0.4)		7.0		(0.6)
Other miscellaneous income, net (1)	(5.0)		(2.0)		(10.1)		(0.3)

Total	$	5.7	$	3.4	$	15.5	$	12.4

(1) Activity during the nine months ended September 30, 2022 includes expense of $4.7 million related to a reserve for a customer concession discussed further in Note 2.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Our effective income tax rates for the nine months ended September 30, 2023 and 2022 are as follows:


	Nine Months Ended September 30,
	2023		2022
Effective Tax Rate	22.9	%	25.8	%

The lower effective tax rate for the nine months ended September 30, 2023 was primarily due to the favorable impact of changes in unrecognized tax benefits in 2023.

The effective tax rate for the nine months ended September 30, 2023 differs from the U.S. Federal statutory rate due to various items that impacted the effective rate both favorably and unfavorably. We recorded favorable adjustments for earnings in jurisdictions where the statutory rate is lower than the U.S. Federal statutory rate and for decreases in unrecognized tax benefits. These adjustments were primarily offset by the unfavorable impacts for changes in the valuation allowance.

The Company anticipates that it is reasonably possible its unrecognized tax benefits will decrease by $10.7 million, exclusive of interest and penalties, within the next 12 months mainly due to the expected receipt of a final assessment in the previously disclosed income tax audit in Germany for the tax period 2010-2013. During the nine months ended September 30, 2023, the Company recorded a decrease in unrecognized tax benefits of $5.2 million, exclusive of interest and penalties, due to the conclusion of an income tax audit.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Net Income Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share

NET INCOME PER COMMON SHARE

Basic net income per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per common share includes the effect of potential dilution from the hypothetical exercise of outstanding stock options and vesting of restricted stock units and performance share units. A reconciliation of our basic and diluted net income per common share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Net income to common shareholders	$	72.9	$	62.4	$	194.3	$	148.0
Basic weighted average shares outstanding	221.0		220.6		221.3		222.0
Diluted weighted average shares outstanding	221.9		221.2		222.1		222.6
Net income per common share:
Basic net income per share	$	0.33	$	0.28	$	0.88	$	0.67
Diluted net income per share	$	0.33	$	0.28	$	0.87	$	0.66

The number of anti-dilutive shares that have been excluded in the computation of diluted net income per share for the three and nine months ended September 30, 2023 and 2022 were 0.5 million, 0.5 million, 1.1 million and 1.1 million, respectively.

Accounts and Notes Receivable, Net

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts and Notes Receivable, Net

ACCOUNTS AND NOTES RECEIVABLE, NET

Trade accounts receivable are stated at the amount we expect to collect. We maintain allowances for doubtful accounts for estimated losses by applying historical loss percentages, combined with reasonable and supportable forecasts of future losses, to respective aging categories. Management considers the following factors in developing its current estimate of expected credit losses: customer credit-worthiness, past transaction history with the customer, current economic industry trends, changes in market or regulatory matters, changes in geopolitical matters, and changes in customer payment terms, as well as other macroeconomic factors.


	September 30, 2023		December 31, 2022
Accounts receivable - trade, net (1)	$	1,088.0	$	909.3
Notes receivable	57.2		23.1
Other (2)	155.9		135.0
Total	$	1,301.1	$	1,067.4

(1) Allowance for doubtful accounts was $24.7 million and $22.6 million at September 30, 2023 and December 31, 2022, respectively.

(2) Includes $36.2 million and $38.7 million at September 30, 2023 and December 31, 2022, respectively, of insurance recoveries related to an operational matter discussed further in Note 5.

Bad debt expense of $2.3 million, $7.0 million, $0.9 million and $1.0 million was included within selling, general and administrative expenses for the three and nine months ended September 30, 2023 and 2022, respectively, and benefits of $0.2 million and $1.6 million and expense of $0.1 million and $3.2 million related to sanctions imposed on Russia in response to the conflict with Ukraine was included in other operating charges for the three and nine months ended September 30, 2023 and 2022, respectively.

Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories

INVENTORIES


	September 30, 2023		December 31, 2022
Finished products	$	392.0	$	438.6
Semi-finished products	132.9		130.8
Raw materials	196.0		233.7
Stores and supplies	29.1		26.5
Total	$	750.0	$	829.6

Inventory reserves were $28.1 million and $16.6 million at September 30, 2023 and December 31, 2022, respectively.

Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET


	September 30, 2023		December 31, 2022
Property, plant and equipment	$	2,416.0	$	2,368.9
Accumulated depreciation	(1,246.7)		(1,178.7)
Property, plant, and equipment, net	$	1,169.3	$	1,190.2

Depreciation expense amounted to $30.5 million, $89.6 million, $29.0 million and $89.0 million for the three and nine months ended September 30, 2023 and 2022, respectively.

During April 2023, approximately $33.8 million of capitalized project costs relating to a manufacturing facility previously classified as construction in progress was placed in service and depreciation was initiated. The costs will be depreciated over a weighted average useful life of approximately 22 years.

During May 2023, approximately $86.2 million of capitalized project costs relating to an enterprise resource planning system implementation previously classified as construction in progress was placed in service and depreciation was initiated. The costs will be depreciated over a weighted average useful life of approximately 12 years.

Supplier Finance Programs	9 Months Ended
Supplier Finance Programs	Sep. 30, 2023
Payables and Accruals [Abstract]
Supplier Finance Programs	SUPPLIER FINANCE PROGRAMS We have a supplier financing program in China, which is utilized to finance the purchases of goods and services from our suppliers through local banking institutions. The payment terms under the program vary, but the program has a weighted average maturity date that is approximately 90 days from each respective financing inception. These financing arrangements are included in the current portion of borrowings within the condensed consolidated balance sheets and at the time of issuance each transaction is treated as a non-cash financing activity within the condensed consolidated statements of cash flows. Upon settlement of the financing, the cash outflow is classified as a financing activity within the condensed consolidated statements of cash flows. Amounts outstanding under this program were $7.5 million and $13.0 million at September 30, 2023 and 2022, respectively, including $0.1 million and $1.9 million, respectively, related to purchases of property, plant and equipment. Cash outflows under this program were $34.4 million and $52.3 million for the nine months ended September 30, 2023 and 2022, respectively. We maintain a voluntary supply chain financing ("SCF") program with a global financial institution which allows a select group of suppliers to sell their receivables to the participating financial institution at the discretion of both parties on terms that are negotiated between the supplier and the financial institution. The supplier invoices that have been confirmed as valid under the program are paid by us to the financial institution according to the terms we have with the supplier. Amounts outstanding under the SCF program were $26.1 million and $29.8 million at September 30, 2023 and December 31, 2022, respectively. We also participate in a virtual card program with a global financial institution, in which we pay supplier invoices on the due date using a Virtual Card Account ("VCA") and subsequently pay the balance in full 25 days after the billing statement date of the VCA. The program allows for suppliers to receive an accelerated payment for a fee at each supplier's discretion. Fees paid by our suppliers are negotiated directly with the financial institution without our involvement. Amounts outstanding under the VCA program were $8.2 million and $6.8 million at September 30, 2023 and December 31, 2022, respectively. The payment terms we have with our suppliers who participate in the SCF and VCA programs are consistent with the typical terms we have with our suppliers who do not participate. These financing arrangements are included in accounts payable within the condensed consolidated balance sheets and the associated payments are included in operating activities within the condensed consolidated statements of cash flows.

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Borrowings are summarized as follows:


	September 30, 2023		December 31, 2022

2029 Dollar Term Loans	$	1,840.4	$	2,000.0
2025 Euro Senior Notes	473.3		479.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	68.5		74.5
Unamortized original issue discount	(17.6)		(22.4)
Unamortized deferred financing costs	(22.0)		(26.9)
Total borrowings, net	3,542.6		3,704.3
Less:
Short-term borrowings	13.5		16.0
Current portion of long-term borrowings	18.5		15.0
Long-term debt	$	3,510.6	$	3,673.3

Our senior secured credit facilities (the "Senior Secured Credit Facilities") consist of a term loan due 2029 (the "2029 Dollar Term Loans") and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement").

Revolving Credit Facility

At September 30, 2023 and December 31, 2022, letters of credit issued under the Revolving Credit Facility totaled $20.3 million and $20.7 million, respectively, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $529.7 million and $529.3 million at September 30, 2023 and December 31, 2022, respectively.

Pursuant to the Credit Agreement, on July 1, 2023, an interest rate based on the London Interbank Offered Rate ("LIBOR") was automatically replaced with an interest rate based on the Secured Overnight Financing Rate ("SOFR") as the interest rate benchmark for loans denominated in U.S. Dollars under the Revolving Credit Facility available under the Credit Agreement. On the same date, we entered into the Twelfth Amendment to the Credit Agreement to reflect this transition and make other related conforming changes to the Credit Agreement.

Significant Transactions

During the nine months ended September 30, 2023, we voluntarily prepaid $150.0 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a loss on extinguishment of debt of $2.4 million for the nine months ended September 30, 2023, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.

During August 2023, we entered into the Thirteenth Amendment to the Credit Agreement to lower the interest rate spread applicable to the 2029 Dollar Term Loans from 3.00% to 2.50% when bearing interest at a rate based on SOFR. The other material terms of the Credit Agreement, including the outstanding principal amount and maturity date of the 2029 Dollar Term Loans, remain unchanged. As a result of the repricing, we recorded a $4.0 million loss on financing-related costs during the three and nine months ended September 30, 2023, of which $2.1 million related to the write-off of unamortized deferred financing costs and original issue discount and $1.9 million related to fees incurred to complete the repricing.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2023.


Remainder of 2023	$	14.8
2024	22.7
2025	495.2
2026	22.1
2027	522.3
Thereafter	2,505.1
Total borrowings	3,582.2
Unamortized original issue discount	(17.6)
Unamortized deferred financing costs	(22.0)
Total borrowings, net	$	3,542.6

Financial Instruments, Hedging Activities and Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments, Hedging Activities and Fair Value Measurements

FINANCIAL INSTRUMENTS, HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS

Fair value of financial instruments

Equity securities with readily determinable fair values - Balances of equity securities are recorded within other assets, with any changes in fair value recorded within other expense, net. The fair values of equity securities are based upon quoted market prices, which are considered Level 1 inputs.

Long-term borrowings - The estimated fair values of these borrowings are based on recent trades, as reported by a third-party pricing service. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.

Derivative instruments - The Company’s interest rate swaps, cross-currency swaps and foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are included in the Level 2 hierarchy.

Fair value of contingent consideration

During April 2021, in conjunction with an acquisition in China, we recorded the fair value of contingent consideration of $7.3 million. The contingent consideration was valued using a probability-weighted expected payment method that considered the timing of expected future cash flows and the probability of whether key elements of the contingent event are completed. The fair value of contingent consideration is valued at each balance sheet date, until amounts become payable, with adjustments recorded within other expense, net in the condensed consolidated statements of operations. Due to the significant unobservable inputs used in the valuations, these liabilities were categorized within Level 3 of the fair value hierarchy. During the nine months ended September 30, 2023, the contingent consideration was settled for $6.9 million.

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at September 30, 2023 and December 31, 2022.


	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:

Interest rate swaps (1)	$	—	$	0.8	$	—	$	0.8	$	—	$	2.3	$	—	$	2.3
Cross-currency swaps (2)	—		4.5		—		4.5		—		35.0		—		35.0

Other assets:


Cross-currency swaps (2)	—		7.2		—		7.2		—		14.0		—		14.0
Investments in equity securities	0.5		—		—		0.5		1.0		—		—		1.0
Liabilities:
Other accrued liabilities:




Contingent consideration	—		—		—		—		—		—		7.2		7.2





Long-term borrowings:

2029 Dollar Term Loans	—		1,846.1		—		1,846.1		—		1,976.3		—		1,976.3
2025 Euro Senior Notes	—		468.2		—		468.2		—		460.8		—		460.8
2027 Dollar Senior Notes	—		465.0		—		465.0		—		462.8		—		462.8
2029 Dollar Senior Notes	—		582.4		—		582.4		—		581.1		—		581.1

(1) Cash flow hedge

(2) Net investment hedge

The table below presents a roll forward of activity for the Level 3 liabilities during the nine months ended September 30, 2023.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance December 31, 2022	$	7.2
Payments	(6.9)
Change in fair value	(0.3)
Ending balance at September 30, 2023	$	—

Derivative Financial Instruments

We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only, and we do not enter into derivative instruments for speculative purposes.

Derivative Instruments Qualifying and Designated as Net Investment and Cash Flow Hedges

Cross-Currency Swaps Designated as Net Investment Hedges

During the three months ended March 31, 2023, three fixed-for-fixed cross currency swaps with an aggregate notional amount totaling $475.0 million, previously executed in 2018, matured resulting in net cash proceeds of $29.4 million. Concurrently, we entered into one fixed-for-fixed cross-currency swap with a notional amount of $150.0 million to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of this new cross-currency swap agreement, the Company notionally exchanged $150.0 million at an interest rate of 7.256% for €142.3 million at an interest rate of 5.697%. The cross-currency swap is designated as a net investment hedge and expires on March 31, 2024. This cross-currency swap is marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments, within accumulated other comprehensive loss ("AOCI").

Interest Rate Swaps Designated as Cash Flow Hedges

During the three months ended March 31, 2023, three interest rate swaps with an aggregate notional amount of $475.0 million, previously executed in 2018, matured. Concurrently, we entered into one interest rate swap with a notional amount of $150.0 million to hedge interest rate exposures associated with the 2029 Dollar Term Loans. Under the terms of the interest rate swap agreement, the Company is required to pay the counter-party a stream of fixed interest payments at rates of 4.256% subject to a floor of 0.5% on $150.0 million of notional value, and in turn, receives variable interest payments based on 3-month SOFR from the counter-party. The interest rate swap is designated as a cash flow hedge and expires on March 31, 2024. This interest rate swap is marked to market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings.

Gains and losses for hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis.

The following tables set forth the locations and amounts recognized during the three and nine months ended September 30, 2023 and 2022 for the Company's cash flow and net investment hedges.


		Three Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income

Interest rate swaps	Interest expense, net	$	—	$	(0.4)	$	(2.5)	$	0.1
Foreign currency forward contracts	Cost of goods sold	—		—		(0.1)		—
Cross-currency swaps	Interest expense, net	(14.0)		(1.8)		(65.5)		(5.4)


		Nine Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of (Gain) Loss Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income

Interest rate swaps	Interest expense, net	$	(1.5)	$	(3.0)	$	(21.8)	$	11.6
Foreign currency forward contracts	Cost of goods sold	—		(0.2)		(0.2)		—
Cross-currency swaps	Interest expense, net	0.2		(7.7)		(124.9)		(15.3)

Over the next 12 months, we expect a gain of $0.8 million pertaining to cash flow hedges to be reclassified from AOCI into earnings, related to our interest rate swaps and foreign currency forward contracts.

Derivative Instruments Not Designated as Cash Flow Hedges

We periodically enter into foreign currency forward and option contracts to reduce market risk and hedge our balance sheet exposures and cash flows for subsidiaries with exposures denominated in currencies different from the functional currency of the relevant subsidiary. These contracts have not been designated as hedges and all gains and losses are marked to market through other expense, net in the condensed consolidated statements of operations.

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment under ASC 815, Derivatives and hedging, are recorded in earnings as follows:


Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss (Gain) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Foreign currency forward contracts	Other expense, net	$	4.2	$	5.2	$	(2.7)	$	7.8

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segments

SEGMENTS

The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information.

We have two operating segments, which are also our reportable segments: Performance Coatings and Mobility Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.

Through our Performance Coatings segment, we provide high-quality liquid and powder coatings solutions to both large regional and global original equipment manufacturers ("OEMs") and to a fragmented and local customer base. These customers comprise independent or multi-shop operator body shops as well as a wide variety of industrial manufacturers. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are Refinish and Industrial.

Through our Mobility Coatings segment, we provide coatings technologies for light vehicle and commercial vehicle OEMs. These global customers are faced with evolving megatrends in electrification, sustainability, personalization and autonomous driving that require a high level of technical expertise. The OEMs require efficient, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets within this segment are Light Vehicle and Commercial Vehicle.

Adjusted EBIT is the primary measure used by our CODM to evaluate financial performance of the operating segments and allocate resources and is therefore our measure of segment profitability in accordance with GAAP under ASC 280, Segment Reporting. Asset information is not reviewed or included with our internal management reporting. Therefore, we have not disclosed asset information for each reportable segment. The following table presents relevant information of our reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales (1):
Refinish	$	528.9	$	498.7	$	1,547.2	$	1,451.2
Industrial	327.2		339.3		1,012.0		1,057.0
Total Net sales Performance Coatings	856.1		838.0		2,559.2		2,508.2
Light Vehicle	341.8		303.0		1,000.5		861.5
Commercial Vehicle	111.1		97.7		327.1		278.0
Total Net sales Mobility Coatings	452.9		400.7		1,327.6		1,139.5
Total Net sales	$	1,309.0	$	1,238.7	$	3,886.8	$	3,647.7
Depreciation and amortization expense (2):
Performance Coatings	$	55.6	$	55.5	$	158.6	$	171.2
Mobility Coatings	15.6		19.0		48.3		58.3
Total Depreciation and amortization expense	$	71.2	$	74.5	$	206.9	$	229.5

(1)The Company has no intercompany sales between segments.

(2)Depreciation and amortization expenses relating to assets used within the operations of a specifically identifiable segment are recorded to the appropriate segment, while depreciation and amortization expenses relating to assets shared in our integrated supply chain are allocated to the appropriate segments on a consistent basis reflecting their use.

The following table reconciles our segment operating performance to income before income taxes for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Segment Adjusted EBIT (1):
Performance Coatings	$	135.0	$	121.8	$	362.1	$	341.6
Mobility Coatings	39.8		3.6		87.0		6.4
Total (2)	174.8		125.4		449.1		348.0
Interest expense, net	55.1		35.0		157.9		101.1
Debt extinguishment and refinancing-related costs (benefits) (a)	4.0		(0.4)		7.0		(0.6)
Termination benefits and other employee-related costs (b)	11.5		5.0		13.6		10.1

Acquisition and divestiture-related costs (c)	0.4		0.2		0.8		2.8
Impairment (benefits) charges (d)	(0.1)		(0.1)		15.3		(0.4)

Accelerated depreciation and site closure costs (e)	2.1		1.1		4.0		4.2





Russia sanction-related impacts (f)	(0.2)		(1.3)		(1.5)		4.8
Commercial agreement restructuring impacts (g)	—		—		—		25.0

Other adjustments (h)	(0.6)		0.8		(0.9)		1.1
Income before income taxes	$	102.6	$	85.1	$	252.9	$	199.9


(1)			The primary measure of segment operating performance is Adjusted EBIT, which is defined as net income before interest, taxes and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) certain non-cash items included within net income, (2) certain items the Company does not believe are indicative of ongoing operating performance or (3) certain non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBIT is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company's core operating performance, which represents Adjusted EBIT adjusted for the select items referred to above.

(2)			Does not represent Adjusted EBIT referenced elsewhere by the Company as there are additional adjustments that are not allocated to the segments.

(a)			Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.

(b)			Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. These amounts are not considered indicative of our ongoing operating performance.



(c)			Represents acquisition and divestiture-related expenses and integration activities associated with our business combinations, all of which are not considered indicative of our ongoing operating performance. The amount for the nine months ended September 30, 2023 and 2022 includes $0.2 million and $1.9 million, respectively, of due diligence and other related costs associated with unconsummated merger and acquisition transactions.

(d)			Represents impairment charges and benefits, which are not considered indicative of our ongoing operating performance. The losses recorded during the nine months ended September 30, 2023 were primarily due to the decision to demolish assets at a previously closed manufacturing site during the three months ended June 30, 2023 and the then anticipated exit of a non-core business category in the Mobility Coatings segment during the three months ended March 31, 2023. The amounts recorded during the three and nine months ended September 30, 2022 relate primarily to insurance recoveries on assets impaired in a prior year.



(e)			Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments and costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance.











(f)			Represents expenses and associated changes to estimates related to sanctions imposed on Russia in response to the conflict with Ukraine for incremental reserves on accounts receivable and inventory, which we do not consider indicative of our ongoing operating performance. The benefits recorded during the three and nine months ended September 30, 2023 are related to changes in estimated inventory obsolescence and uncollectible accounts receivables. The benefits recorded during the three months ended September 30, 2022 are related to changes in estimated inventory obsolescence.

(g)			Represents a charge related to a customer concession discussed further in Note 2. This amount is not considered to be indicative of our ongoing operating performance.



(h)			Represents costs for certain non-operational or non-cash (gains) losses, unrelated to our core business and which we do not consider indicative of our ongoing operating performance.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss

ACCUMULATED OTHER COMPREHENSIVE LOSS


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized Gain (Loss) on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2022	$	(433.5)	$	(36.3)	$	2.9	$	(466.9)
Current year deferrals to AOCI	50.3		—		0.6		50.9
Reclassifications from AOCI to Net income	(4.2)		0.2		(2.5)		(6.5)
Net Change	46.1		0.2		(1.9)		44.4
Balance, March 31, 2023	(387.4)		(36.1)		1.0		(422.5)
Current year deferrals to AOCI	3.8		0.4		1.2		5.4
Reclassifications from AOCI to Net income	(1.7)		0.2		(1.1)		(2.6)
Net Change	2.1		0.6		0.1		2.8
Balance, June 30, 2023	(385.3)		(35.5)		1.1		(419.7)
Current year deferrals to AOCI	(65.0)		—		—		(65.0)
Reclassifications from AOCI to Net income	(1.8)		0.2		(0.3)		(1.9)
Net Change	(66.8)		0.2		(0.3)		(66.9)
Balance, September 30, 2023	$	(452.1)	$	(35.3)	$	0.8	$	(486.6)

The cumulative income tax benefit related to the adjustments for foreign exchange at September 30, 2023 was $0.8 million. The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2023 was $14.3 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2023 was $0.0 million. See Note 16 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2021	$	(331.3)	$	(60.4)	$	(22.7)	$	(414.4)
Current year deferrals to AOCI	0.4		—		10.8		11.2
Reclassifications from AOCI to Net income	(4.8)		0.5		6.1		1.8
Net Change	(4.4)		0.5		16.9		13.0
Balance, March 31, 2022	(335.7)		(59.9)		(5.8)		(401.4)
Current year deferrals to AOCI	(77.1)		—		6.1		(71.0)
Reclassifications from AOCI to Net income	(5.1)		0.4		3.9		(0.8)
Net Change	(82.2)		0.4		10.0		(71.8)
Balance, June 30, 2022	(417.9)		(59.5)		4.2		(473.2)
Current year deferrals to AOCI	(118.5)		—		2.4		(116.1)
Reclassifications from AOCI to Net income	(5.4)		0.6		0.2		(4.6)
Net Change	(123.9)		0.6		2.6		(120.7)
Balance, September 30, 2022	$	(541.8)	$	(58.9)	$	6.8	$	(593.9)

The cumulative income tax benefit related to the adjustments for pension benefits at September 30, 2022 was $24.0 million. The cumulative income tax expense related to the adjustments for the unrealized gain on derivatives at September 30, 2022 was $0.5 million. See Note 16 for classification within the condensed consolidated statements of operations of the gains and losses on derivatives reclassified from AOCI.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Acquisition During October 2023, we acquired 100% of the share capital of Pearl Investment AG and its subsidiary Andrè Koch AG, a long-time refinish products distribution partner in Switzerland, which resulted in a cash outflow on the closing date of $107.5 million, and is subject to certain contingent consideration arrangements.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income to common shareholders	$ 72.9	$ 62.4	$ 194.3	$ 148.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In January 2023, we adopted Accounting Standards Update ("ASU") 2022-04, Liabilities – Supplier Finance Programs, which codifies disclosure requirements for supplier financing programs. This ASU does not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. Upon adoption of this ASU, we incorporated the required disclosures in Note 14. In addition to the disclosures included in Note 14, ASU 2022-04 requires a rollforward of activity for each supplier financing program beginning with reporting for the year ended December 31, 2024, at which time we will incorporate the required rollforward disclosure.

Goodwill and Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2022 to September 30, 2023 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2022	$	1,422.5	$	75.5	$	1,498.0
Purchase accounting adjustments and divestitures	(0.4)		(0.1)		(0.5)
Foreign currency translation	(12.5)		(1.0)		(13.5)
Balance at September 30, 2023	$	1,409.6	$	74.4	$	1,484.0

Schedule of Finite-lived and Indefinite-lived Intangible Assets by Major Class

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


September 30, 2023	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	159.2	$	(82.5)	$	76.7	11.2
Trademarks—indefinite-lived	253.5		—		253.5		Indefinite
Trademarks—definite-lived	125.2		(56.1)		69.1		14.5
Customer relationships	1,095.5		(458.2)		637.3		19.3

Total	$	1,633.4	$	(596.8)	$	1,036.6

During the nine months ended September 30, 2023, we retired fully amortized assets totaling $396.0 million consisting of technology, trademarks, and other intangible assets.


December 31, 2022	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	555.2	$	(462.3)	$	92.9	10.3
Trademarks—indefinite-lived	255.6		—		255.6		Indefinite
Trademarks—definite-lived	126.7		(50.8)		75.9		14.5
Customer relationships	1,106.7		(418.8)		687.9		19.2
Other	0.6		(0.6)		—		5.0
Total	$	2,044.8	$	(932.5)	$	1,112.3

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2023 and each of the succeeding five years is:


Remainder of 2023	$	20.6
2024	81.6
2025	81.0
2026	80.6
2027	79.8
2028	66.5

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The following table summarizes the activity related to the termination benefit reserves and expenses from December 31, 2022 to September 30, 2023:


	2023 Activity
Balance at December 31, 2022	$	48.7
Expenses, net of changes to estimates	2.2
Payments made	(33.6)
Foreign currency translation	(0.1)
Balance at September 30, 2023	$	17.2

Long-term Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Components of net periodic benefit cost:
Net periodic benefit cost:
Service cost	$	1.5	$	1.5	$	4.4	$	4.8
Interest cost	5.0		2.3		14.7		7.2
Expected return on plan assets	(2.9)		(2.8)		(8.4)		(9.1)
Amortization of actuarial losses, net	0.2		0.7		0.6		2.4
Amortization of prior service credit, net	—		—		(0.1)		(0.1)

Net periodic benefit cost	$	3.8	$	1.7	$	11.2	$	5.2

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option award activity for the nine months ended September 30, 2023 is presented below.


Stock Options	Awards (in millions)	Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Life (years)
Outstanding at January 1, 2023	1.1	$	26.56
Granted	—	$	—
Exercised	(0.5)	$	24.01
Forfeited / Expired	(0.1)	$	31.32
Outstanding at September 30, 2023	0.5	$	28.05
Vested and expected to vest at September 30, 2023	0.5	$	28.05	$	0.6	3.10
Exercisable at September 30, 2023	0.5	$	28.05	$	0.6	3.10

Schedule of Restricted Stock Units and Restricted Stock Awards Roll Forward


Restricted Stock Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2023	1.6	$	27.38
Granted	0.8	$	29.76
Vested	(0.9)	$	27.05
Forfeited	(0.2)	$	28.80
Outstanding at September 30, 2023	1.3	$	28.75

Schedule of Performance Stock Roll Forward


Performance Share Units	Units (in millions)	Weighted Average Fair Value
Outstanding at January 1, 2023	0.6	$	30.44
Granted	0.5	$	35.85
Vested	—	$	—
Forfeited	(0.3)	$	31.76
Outstanding at September 30, 2023	0.8	$	33.19

OTHER EXPENSE, NET (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign exchange losses, net	$	6.7	$	5.8	$	18.6	$	13.3

Debt extinguishment and refinancing-related costs	4.0		(0.4)		7.0		(0.6)
Other miscellaneous income, net (1)	(5.0)		(2.0)		(10.1)		(0.3)

Total	$	5.7	$	3.4	$	15.5	$	12.4

(1) Activity during the nine months ended September 30, 2022 includes expense of $4.7 million related to a reserve for a customer concession discussed further in Note 2.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Our effective income tax rates for the nine months ended September 30, 2023 and 2022 are as follows:


	Nine Months Ended September 30,
	2023		2022
Effective Tax Rate	22.9	%	25.8	%

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Common Share

A reconciliation of our basic and diluted net income per common share is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2023		2022		2023		2022
Net income to common shareholders	$	72.9	$	62.4	$	194.3	$	148.0
Basic weighted average shares outstanding	221.0		220.6		221.3		222.0
Diluted weighted average shares outstanding	221.9		221.2		222.1		222.6
Net income per common share:
Basic net income per share	$	0.33	$	0.28	$	0.88	$	0.67
Diluted net income per share	$	0.33	$	0.28	$	0.87	$	0.66

Accounts and Notes Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	September 30, 2023		December 31, 2022
Accounts receivable - trade, net (1)	$	1,088.0	$	909.3
Notes receivable	57.2		23.1
Other (2)	155.9		135.0
Total	$	1,301.1	$	1,067.4

(1) Allowance for doubtful accounts was $24.7 million and $22.6 million at September 30, 2023 and December 31, 2022, respectively.

(2) Includes $36.2 million and $38.7 million at September 30, 2023 and December 31, 2022, respectively, of insurance recoveries related to an operational matter discussed further in Note 5.

Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Current


	September 30, 2023		December 31, 2022
Finished products	$	392.0	$	438.6
Semi-finished products	132.9		130.8
Raw materials	196.0		233.7
Stores and supplies	29.1		26.5
Total	$	750.0	$	829.6

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	September 30, 2023		December 31, 2022
Property, plant and equipment	$	2,416.0	$	2,368.9
Accumulated depreciation	(1,246.7)		(1,178.7)
Property, plant, and equipment, net	$	1,169.3	$	1,190.2

Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings are summarized as follows:


	September 30, 2023		December 31, 2022

2029 Dollar Term Loans	$	1,840.4	$	2,000.0
2025 Euro Senior Notes	473.3		479.1
2027 Dollar Senior Notes	500.0		500.0
2029 Dollar Senior Notes	700.0		700.0
Short-term and other borrowings	68.5		74.5
Unamortized original issue discount	(17.6)		(22.4)
Unamortized deferred financing costs	(22.0)		(26.9)
Total borrowings, net	3,542.6		3,704.3
Less:
Short-term borrowings	13.5		16.0
Current portion of long-term borrowings	18.5		15.0
Long-term debt	$	3,510.6	$	3,673.3

Schedule of Maturities of Long-term Debt

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2023.


Remainder of 2023	$	14.8
2024	22.7
2025	495.2
2026	22.1
2027	522.3
Thereafter	2,505.1
Total borrowings	3,582.2
Unamortized original issue discount	(17.6)
Unamortized deferred financing costs	(22.0)
Total borrowings, net	$	3,542.6

Financial Instruments, Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at September 30, 2023 and December 31, 2022.


	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Prepaid expenses and other current assets:

Interest rate swaps (1)	$	—	$	0.8	$	—	$	0.8	$	—	$	2.3	$	—	$	2.3
Cross-currency swaps (2)	—		4.5		—		4.5		—		35.0		—		35.0

Other assets:


Cross-currency swaps (2)	—		7.2		—		7.2		—		14.0		—		14.0
Investments in equity securities	0.5		—		—		0.5		1.0		—		—		1.0
Liabilities:
Other accrued liabilities:




Contingent consideration	—		—		—		—		—		—		7.2		7.2





Long-term borrowings:

2029 Dollar Term Loans	—		1,846.1		—		1,846.1		—		1,976.3		—		1,976.3
2025 Euro Senior Notes	—		468.2		—		468.2		—		460.8		—		460.8
2027 Dollar Senior Notes	—		465.0		—		465.0		—		462.8		—		462.8
2029 Dollar Senior Notes	—		582.4		—		582.4		—		581.1		—		581.1

(1) Cash flow hedge

(2) Net investment hedge

Schedule of Fair Value, Liability Activity

The table below presents a roll forward of activity for the Level 3 liabilities during the nine months ended September 30, 2023.


	Fair Value Using Significant Unobservable Inputs (Level 3)
Beginning balance December 31, 2022	$	7.2
Payments	(6.9)
Change in fair value	(0.3)
Ending balance at September 30, 2023	$	—

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables set forth the locations and amounts recognized during the three and nine months ended September 30, 2023 and 2022 for the Company's cash flow and net investment hedges.


		Three Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of Gain Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income

Interest rate swaps	Interest expense, net	$	—	$	(0.4)	$	(2.5)	$	0.1
Foreign currency forward contracts	Cost of goods sold	—		—		(0.1)		—
Cross-currency swaps	Interest expense, net	(14.0)		(1.8)		(65.5)		(5.4)


		Nine Months Ended September 30,
		2023				2022
Derivatives in Cash Flow and Net Investment Hedges	Location of (Gain) Loss Recognized in Income on Derivatives	Net Amount of (Gain) Loss Recognized in OCI on Derivatives		Amount of Gain Recognized in Income		Net Amount of Gain Recognized in OCI on Derivatives		Amount of Loss (Gain) Recognized in Income

Interest rate swaps	Interest expense, net	$	(1.5)	$	(3.0)	$	(21.8)	$	11.6
Foreign currency forward contracts	Cost of goods sold	—		(0.2)		(0.2)		—
Cross-currency swaps	Interest expense, net	0.2		(7.7)		(124.9)		(15.3)

Schedule of Derivatives Not Designated as Hedging Instruments

Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment under ASC 815, Derivatives and hedging, are recorded in earnings as follows:


Derivatives Not Designated as Hedging Instruments under ASC 815	Location of Loss (Gain) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022

Foreign currency forward contracts	Other expense, net	$	4.2	$	5.2	$	(2.7)	$	7.8

Segments (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents relevant information of our reportable segments.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net sales (1):
Refinish	$	528.9	$	498.7	$	1,547.2	$	1,451.2
Industrial	327.2		339.3		1,012.0		1,057.0
Total Net sales Performance Coatings	856.1		838.0		2,559.2		2,508.2
Light Vehicle	341.8		303.0		1,000.5		861.5
Commercial Vehicle	111.1		97.7		327.1		278.0
Total Net sales Mobility Coatings	452.9		400.7		1,327.6		1,139.5
Total Net sales	$	1,309.0	$	1,238.7	$	3,886.8	$	3,647.7
Depreciation and amortization expense (2):
Performance Coatings	$	55.6	$	55.5	$	158.6	$	171.2
Mobility Coatings	15.6		19.0		48.3		58.3
Total Depreciation and amortization expense	$	71.2	$	74.5	$	206.9	$	229.5

(1)The Company has no intercompany sales between segments.

(2)Depreciation and amortization expenses relating to assets used within the operations of a specifically identifiable segment are recorded to the appropriate segment, while depreciation and amortization expenses relating to assets shared in our integrated supply chain are allocated to the appropriate segments on a consistent basis reflecting their use.

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table reconciles our segment operating performance to income before income taxes for the periods presented:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Segment Adjusted EBIT (1):
Performance Coatings	$	135.0	$	121.8	$	362.1	$	341.6
Mobility Coatings	39.8		3.6		87.0		6.4
Total (2)	174.8		125.4		449.1		348.0
Interest expense, net	55.1		35.0		157.9		101.1
Debt extinguishment and refinancing-related costs (benefits) (a)	4.0		(0.4)		7.0		(0.6)
Termination benefits and other employee-related costs (b)	11.5		5.0		13.6		10.1

Acquisition and divestiture-related costs (c)	0.4		0.2		0.8		2.8
Impairment (benefits) charges (d)	(0.1)		(0.1)		15.3		(0.4)

Accelerated depreciation and site closure costs (e)	2.1		1.1		4.0		4.2





Russia sanction-related impacts (f)	(0.2)		(1.3)		(1.5)		4.8
Commercial agreement restructuring impacts (g)	—		—		—		25.0

Other adjustments (h)	(0.6)		0.8		(0.9)		1.1
Income before income taxes	$	102.6	$	85.1	$	252.9	$	199.9


(1)			The primary measure of segment operating performance is Adjusted EBIT, which is defined as net income before interest, taxes and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (1) certain non-cash items included within net income, (2) certain items the Company does not believe are indicative of ongoing operating performance or (3) certain non-recurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBIT is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company's core operating performance, which represents Adjusted EBIT adjusted for the select items referred to above.

(2)			Does not represent Adjusted EBIT referenced elsewhere by the Company as there are additional adjustments that are not allocated to the segments.

(a)			Represents expenses and associated changes to estimates related to the prepayment, restructuring, and refinancing of our indebtedness, which are not considered indicative of our ongoing operating performance.

(b)			Represents expenses and associated changes to estimates related to employee termination benefits, consulting, legal and other employee-related costs associated with restructuring programs and other employee-related costs. These amounts are not considered indicative of our ongoing operating performance.



(c)			Represents acquisition and divestiture-related expenses and integration activities associated with our business combinations, all of which are not considered indicative of our ongoing operating performance. The amount for the nine months ended September 30, 2023 and 2022 includes $0.2 million and $1.9 million, respectively, of due diligence and other related costs associated with unconsummated merger and acquisition transactions.

(d)			Represents impairment charges and benefits, which are not considered indicative of our ongoing operating performance. The losses recorded during the nine months ended September 30, 2023 were primarily due to the decision to demolish assets at a previously closed manufacturing site during the three months ended June 30, 2023 and the then anticipated exit of a non-core business category in the Mobility Coatings segment during the three months ended March 31, 2023. The amounts recorded during the three and nine months ended September 30, 2022 relate primarily to insurance recoveries on assets impaired in a prior year.



(e)			Represents incremental depreciation expense resulting from truncated useful lives of the assets impacted by our manufacturing footprint assessments and costs related to the closure of certain manufacturing sites, which we do not consider indicative of our ongoing operating performance.











(f)			Represents expenses and associated changes to estimates related to sanctions imposed on Russia in response to the conflict with Ukraine for incremental reserves on accounts receivable and inventory, which we do not consider indicative of our ongoing operating performance. The benefits recorded during the three and nine months ended September 30, 2023 are related to changes in estimated inventory obsolescence and uncollectible accounts receivables. The benefits recorded during the three months ended September 30, 2022 are related to changes in estimated inventory obsolescence.

(g)			Represents a charge related to a customer concession discussed further in Note 2. This amount is not considered to be indicative of our ongoing operating performance.



(h)			Represents costs for certain non-operational or non-cash (gains) losses, unrelated to our core business and which we do not consider indicative of our ongoing operating performance.

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized Gain (Loss) on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2022	$	(433.5)	$	(36.3)	$	2.9	$	(466.9)
Current year deferrals to AOCI	50.3		—		0.6		50.9
Reclassifications from AOCI to Net income	(4.2)		0.2		(2.5)		(6.5)
Net Change	46.1		0.2		(1.9)		44.4
Balance, March 31, 2023	(387.4)		(36.1)		1.0		(422.5)
Current year deferrals to AOCI	3.8		0.4		1.2		5.4
Reclassifications from AOCI to Net income	(1.7)		0.2		(1.1)		(2.6)
Net Change	2.1		0.6		0.1		2.8
Balance, June 30, 2023	(385.3)		(35.5)		1.1		(419.7)
Current year deferrals to AOCI	(65.0)		—		—		(65.0)
Reclassifications from AOCI to Net income	(1.8)		0.2		(0.3)		(1.9)
Net Change	(66.8)		0.2		(0.3)		(66.9)
Balance, September 30, 2023	$	(452.1)	$	(35.3)	$	0.8	$	(486.6)


	Unrealized Currency Translation Adjustments		Pension Adjustments		Unrealized (Loss) Gain on Derivatives		Accumulated Other Comprehensive (Loss) Income
Balance, December 31, 2021	$	(331.3)	$	(60.4)	$	(22.7)	$	(414.4)
Current year deferrals to AOCI	0.4		—		10.8		11.2
Reclassifications from AOCI to Net income	(4.8)		0.5		6.1		1.8
Net Change	(4.4)		0.5		16.9		13.0
Balance, March 31, 2022	(335.7)		(59.9)		(5.8)		(401.4)
Current year deferrals to AOCI	(77.1)		—		6.1		(71.0)
Reclassifications from AOCI to Net income	(5.1)		0.4		3.9		(0.8)
Net Change	(82.2)		0.4		10.0		(71.8)
Balance, June 30, 2022	(417.9)		(59.5)		4.2		(473.2)
Current year deferrals to AOCI	(118.5)		—		2.4		(116.1)
Reclassifications from AOCI to Net income	(5.4)		0.6		0.2		(4.6)
Net Change	(123.9)		0.6		2.6		(120.7)
Balance, September 30, 2022	$	(541.8)	$	(58.9)	$	6.8	$	(593.9)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract with customer, asset	$ 38.9		$ 38.9		$ 40.6
Capitalized contract cost, net	152.7		152.7		152.3
Capitalized contract cost, amortization	18.9	$ 14.3	49.4	$ 44.2
Upfront incentive payments	5.5		5.5		42.1
Commercial agreement restructuring charge	0.0	0.0	0.0	25.0
Reduction to revenue		$ 20.3		$ 20.3
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Upfront incentive payments	5.1		5.1		$ 4.9
Accounts and Notes Receivable, Net
Disaggregation of Revenue [Line Items]
Upfront incentive payments	$ 29.8		$ 29.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,498.0
Purchase accounting adjustments and divestitures	(0.5)
Foreign currency translation	(13.5)
Goodwill, ending balance	1,484.0
Performance Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	1,422.5
Purchase accounting adjustments and divestitures	(0.4)
Foreign currency translation	(12.5)
Goodwill, ending balance	1,409.6
Mobility Coatings
Goodwill [Roll Forward]
Goodwill, beginning balance	75.5
Purchase accounting adjustments and divestitures	(0.1)
Foreign currency translation	(1.0)
Goodwill, ending balance	$ 74.4

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 1,633.4	$ 2,044.8
Accumulated Amortization	(596.8)	(932.5)
Net Book Value, definite-lived	1,036.6	1,112.3
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Net Book Value, indefinite-lived	253.5	255.6
Technology
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	159.2	555.2
Accumulated Amortization	(82.5)	(462.3)
Net Book Value, definite-lived	$ 76.7	$ 92.9
Weighted average amortization periods (years)	11 years 2 months 12 days	10 years 3 months 18 days
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 125.2	$ 126.7
Accumulated Amortization	(56.1)	(50.8)
Net Book Value, definite-lived	$ 69.1	$ 75.9
Weighted average amortization periods (years)	14 years 6 months	14 years 6 months
Customer relationships
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount	$ 1,095.5	$ 1,106.7
Accumulated Amortization	(458.2)	(418.8)
Net Book Value, definite-lived	$ 637.3	$ 687.9
Weighted average amortization periods (years)	19 years 3 months 18 days	19 years 2 months 12 days
Other
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Gross Carrying Amount		$ 0.6
Accumulated Amortization		(0.6)
Net Book Value, definite-lived		$ 0.0
Weighted average amortization periods (years)		5 years

Goodwill and Identifiable Intangible Assets - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Technology, Trademarks, and Other Intangible Assets
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
Fully amortized asset, retired	$ 396.0

Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 20.6
2024	81.6
2025	81.0
2026	80.6
2027	79.8
2028	$ 66.5

Restructuring - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0.3	$ 4.2	$ 2.2	$ 10.0
Payment term (in months)			12 months

Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance			$ 48.7
Expenses, net of changes to estimates	$ 0.3	$ 4.2	2.2	$ 10.0
Payments made			(33.6)
Foreign currency translation			(0.1)
Ending balance	$ 17.2		$ 17.2

Commitments and Contingencies (Details) $ in Millions	3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Maximum exposure	$ 8.9		$ 8.9		$ 7.1
Customer Obligation Guarantees subject to expiration	0.1		0.1
Current carrying value	$ 0.0		$ 0.0		0.0
Recorded charge expense in probable loss	0.1	$ 0.1	0.1	$ 0.1
Insurance receivable	36.2		36.2		38.7
Loss recorded as a liability	$ 34.1		$ 34.1		$ 42.3

Long-term Employee Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net periodic benefit cost
Service cost	$ 1.5	$ 1.5	$ 4.4	$ 4.8
Interest cost	5.0	2.3	14.7	7.2
Expected return on plan assets	(2.9)	(2.8)	(8.4)	(9.1)
Amortization of actuarial losses, net	0.2	0.7	0.6	2.4
Amortization of prior service credit, net	0.0	0.0	(0.1)	(0.1)
Net periodic benefit cost	$ 3.8	$ 1.7	$ 11.2	$ 5.2

Stock-based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,700,000	$ 5,000,000	$ 19,300,000	$ 14,000,000
Stock based compensation tax benefit	800,000	$ 1,200,000	2,400,000	$ 2,200,000
Proceeds from stock options exercised			11,900,000
Tax benefits on exercises			100,000
Unrecognized expense	0		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit realized on the vesting of restricted stock			200,000
Compensation not yet recognized, share-based awards other than options	18,200,000		$ 18,200,000
Period for recognition of compensation not yet recognized			1 year 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, share-based awards other than options	$ 14,300,000		$ 14,300,000
Period for recognition of compensation not yet recognized			2 years 4 months 24 days
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of vested shares granted			0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of vested shares granted			200.00%

Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023
Awards (in millions)
Beginning balance (in shares)	1.1
Granted (in shares)	0.0
Exercised (in shares)	(0.5)
Forfeited/Expired (in shares)	(0.1)
Ending balance (in shares)	0.5
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 26.56
Granted (in dollars per share)	0
Exercised (in dollars per share)	24.01
Forfeited/Expired (in dollars per share)	31.32
Ending balance (in dollars per share)	$ 28.05
Vested and Expected to Vest
Vested and expected to vest, awards (in shares)	0.5
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 28.05
Vested and expected to vest, aggregate intrinsic value	$ 0.6
Vested and expected to vest, weighted average remaining contractual life (in years)	3 years 1 month 6 days
Exercisable
Exercisable, awards (in shares)	0.5
Exercisable, weighted average exercise price (in dollars per share)	$ 28.05
Exercisable, aggregate intrinsic value	$ 0.6
Exercisable, weighted average remaining contractual life (in years)	3 years 1 month 6 days

Stock-based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) shares in Millions	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Units (in millions)
Beginning balance (in shares) \| shares	1.6
Granted (in shares) \| shares	0.8
Vested (in shares) \| shares	(0.9)
Forfeited (in shares) \| shares	(0.2)
Ending balance (in shares) \| shares	1.3
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 27.38
Granted (in dollars per share) \| $ / shares	29.76
Vested (in dollars per share) \| $ / shares	27.05
Forfeited (in dollars per share) \| $ / shares	28.80
Ending balance (in dollars per share) \| $ / shares	$ 28.75

Stock-based Compensation - Schedule of Performance Shares Award Outstanding Activity (Details) - Performance Shares shares in Millions	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Units (in millions)
Beginning balance (in shares) \| shares	0.6
Granted (in shares) \| shares	0.5
Vested (in shares) \| shares	0.0
Forfeited (in shares) \| shares	(0.3)
Ending balance (in shares) \| shares	0.8
Weighted Average Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 30.44
Granted (in dollars per share) \| $ / shares	35.85
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	31.76
Ending balance (in dollars per share) \| $ / shares	$ 33.19

OTHER EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Foreign exchange losses, net	$ 6.7	$ 5.8	$ 18.6	$ 13.3
Debt extinguishment and refinancing-related costs	4.0	(0.4)	7.0	(0.6)
Other miscellaneous income, net	(5.0)	(2.0)	(10.1)	(0.3)
Total	$ 5.7	$ 3.4	$ 15.5	12.4
Write off for customer concession				$ 4.7

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective Tax Rate	22.90%	25.80%
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 5.2
Settlement with Taxing Authority
Operating Loss Carryforwards [Line Items]
Amount reasonable possible to settle of unrecognized tax benefits	$ 10.7

Net Income Per Common Share - Schedule of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income to common shareholders	$ 72.9	$ 62.4	$ 194.3	$ 148.0
Basic weighted average shares outstanding (in shares)	221.0	220.6	221.3	222.0
Diluted weighted average shares outstanding (in shares)	221.9	221.2	222.1	222.6
Net income per common share:
Basic net income per share (in dollars per share)	$ 0.33	$ 0.28	$ 0.88	$ 0.67
Diluted net income per share (in dollars per share)	$ 0.33	$ 0.28	$ 0.87	$ 0.66

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Net Income Per Common Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.5	1.1	0.5	1.1

Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable - trade, net	$ 1,088.0	$ 909.3
Notes receivable	57.2	23.1
Other	155.9	135.0
Total	1,301.1	1,067.4
Allowance for doubtful accounts	24.7	22.6
Insurance receivable	$ 36.2	$ 38.7

Accounts and Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Bad debt expense net of recoveries	$ 2.3	$ 0.9	$ 7.0	$ 1.0
Russia Conflict with Ukraine
Financing Receivable, Allowance for Credit Loss [Line Items]
Bad debt expense net of recoveries	$ 0.2	$ 0.1	$ 1.6	$ 3.2

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 392.0	$ 438.6
Semi-finished products	132.9	130.8
Raw materials	196.0	233.7
Stores and supplies	29.1	26.5
Total Inventories	$ 750.0	$ 829.6

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory reserves	$ 28.1	$ 16.6

Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property, plant and equipment	$ 2,416.0	$ 2,368.9
Accumulated depreciation	(1,246.7)	(1,178.7)
Property, plant, and equipment, net	$ 1,169.3	$ 1,190.2

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2023	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense			$ 30.5	$ 29.0	$ 89.6	$ 89.0
Capitalized cost	$ 86.2	$ 33.8
Useful life of PP&E	12 years	22 years

Supplier Finance Programs (Details) - USD ($) $ in Millions	9 Months Ended
Supplier Finance Programs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Supplier Finance Program [Line Items]
Short-term borrowings	$ 13.5		$ 16.0
Cash outflows	$ 39.8	$ 52.3
Supplier Financing Arrangements
Supplier Finance Program [Line Items]
Debt term	90 days
Short-term borrowings	$ 7.5	13.0
Cash outflows	34.4	52.3
SCF Program
Supplier Finance Program [Line Items]
Supplier finance program, obligation	26.1		29.8
VCA Program
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 8.2		$ 6.8
Supplier financing program obligation, payment term	25 days
Property, Plant, and Equipment Purchases \| Supplier Financing Arrangements
Supplier Finance Program [Line Items]
Short-term borrowings	$ 0.1	$ 1.9

Borrowings - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term and other borrowings	$ 68.5	$ 74.5
Unamortized original issue discount	(17.6)	(22.4)
Unamortized deferred financing costs	(22.0)	(26.9)
Total borrowings, net	3,542.6	3,704.3
Short-term borrowings	13.5	16.0
Current portion of long-term borrowings	18.5	15.0
Long-term debt	3,510.6	3,673.3
2029 Dollar Term Loans
Debt Instrument [Line Items]
Term loan	1,840.4	2,000.0
2025 Euro Senior Notes
Debt Instrument [Line Items]
Senior notes	473.3	479.1
2027 Dollar Senior Notes
Debt Instrument [Line Items]
Senior notes	500.0	500.0
2029 Dollar Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 700.0	$ 700.0

Borrowings - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs and original issue discount			$ 6.5	$ 7.2
2029 Dollar Term Loans
Debt Instrument [Line Items]
Prepayment of debt			150.0
Loss on extinguishment of debt			2.4
Loss on financing-related costs		$ 4.0	4.0
Write-off of unamortized deferred financing costs		2.1	2.1
Amortization of deferred financing costs and original issue discount		1.9	$ 1.9
2029 Dollar Term Loans \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.50%		3.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding, amount		20.3	$ 20.3		$ 20.7
Line of credit facility, remaining borrowing capacity		$ 529.7	$ 529.7		$ 529.3

Borrowings - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 14.8
2024	22.7
2025	495.2
2026	22.1
2027	522.3
Thereafter	2,505.1
Total borrowings	3,582.2
Unamortized original issue discount	(17.6)	$ (22.4)
Unamortized deferred financing costs	(22.0)	(26.9)
Total borrowings, net	$ 3,542.6	$ 3,704.3

Financial Instruments, Hedging Activities and Fair Value Measurements - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($) derivative_instrument	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2023 EUR (€) derivative_instrument	Apr. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration					$ 7.3
Contingent consideration payment		$ 6.9
Number of derivative instruments settled	$ 29.4	29.4	$ 25.0
Cash flow hedge to be reclassified in 12 months		$ (0.8)
Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivative instruments settled \| derivative_instrument	3			3
Notional amount, settled during period	$ 475.0
Number of derivative instruments held \| derivative_instrument	1			1
Derivative, notional amount	$ 150.0			€ 142.3
Derivative interest rate of hedged item	7.256%			7.256%
Derivative, fixed interest rate	5.697%			5.697%
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivative instruments held \| derivative_instrument	3			3
Derivative, notional amount	$ 475.0
2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of derivative instruments held \| derivative_instrument	1			1
Derivative, notional amount	$ 150.0
Interest Rate Swap 4.256%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 150.0
Derivative, fixed interest rate	4.256%			4.256%
Interest Rate Swap 0.5%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount	$ 150.0
Derivative, fixed interest rate	0.50%			0.50%

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0.0	$ 7.2
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.5	1.0
Long-term Borrowings \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	1,846.1	1,976.3
Long-term Borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	468.2	460.8
Long-term Borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	465.0	462.8
Long-term Borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	582.4	581.1
Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.8	2.3
Cross-currency swaps \| Prepaid Expenses and Other Current Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4.5	35.0
Cross-currency swaps \| Other Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	7.2	14.0
Level 1 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Level 1 \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.5	1.0
Level 1 \| Long-term Borrowings \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	0.0	0.0
Level 1 \| Long-term Borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 1 \| Long-term Borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 1 \| Long-term Borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 1 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Level 1 \| Cross-currency swaps \| Prepaid Expenses and Other Current Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Level 1 \| Cross-currency swaps \| Other Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Level 2 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	0.0
Level 2 \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.0	0.0
Level 2 \| Long-term Borrowings \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	1,846.1	1,976.3
Level 2 \| Long-term Borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	468.2	460.8
Level 2 \| Long-term Borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	465.0	462.8
Level 2 \| Long-term Borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	582.4	581.1
Level 2 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.8	2.3
Level 2 \| Cross-currency swaps \| Prepaid Expenses and Other Current Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	4.5	35.0
Level 2 \| Cross-currency swaps \| Other Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	7.2	14.0
Level 3 \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0.0	7.2
Level 3 \| Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	0.0	0.0
Level 3 \| Long-term Borrowings \| 2029 Dollar Term Loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans payable	0.0	0.0
Level 3 \| Long-term Borrowings \| 2025 Euro Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 3 \| Long-term Borrowings \| 2027 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 3 \| Long-term Borrowings \| 2029 Dollar Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable	0.0	0.0
Level 3 \| Interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Level 3 \| Cross-currency swaps \| Prepaid Expenses and Other Current Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.0	0.0
Level 3 \| Cross-currency swaps \| Other Assets \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 0.0	$ 0.0

Financial Instruments, Hedging Activities and Fair Value Measurements - Schedule of Liability Activity (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 7.2
Payments	(6.9)
Change in fair value	(0.3)
Ending balance	$ 0.0

Financial Instruments, Hedging Activities and Fair Value Measurements - Derivative Locations and Amounts Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Loss Recognized in OCI on Derivatives	$ (0.4)	$ 2.7	$ (1.7)	$ 33.6
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Loss Recognized in OCI on Derivatives	0.0	(2.5)	(1.5)	(21.8)
Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Loss Recognized in OCI on Derivatives	0.0	(0.1)	0.0	(0.2)
Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Amount of (Gain) Loss Recognized in OCI on Derivatives	(14.0)	(65.5)	0.2	(124.9)
Interest expense, net \| Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Gain Recognized in Income	(0.4)	0.1	(3.0)	11.6
Interest expense, net \| Cross-currency swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Gain Recognized in Income	(1.8)	(5.4)	(7.7)	(15.3)
Cost of goods sold \| Foreign currency forward contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of Gain Recognized in Income	$ 0.0	$ 0.0	$ (0.2)	$ 0.0

Financial Instruments, Hedging Activities and Fair Value Measurements - Instruments Not Designated as Hedge (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign currency forward contracts \| Other expense, net
Derivative [Line Items]
Derivatives not designated as hedging	$ 4.2	$ 5.2	$ (2.7)	$ 7.8

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2023 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,309.0	$ 1,238.7	$ 3,886.8	$ 3,647.7
Depreciation and amortization expense	71.2	74.5	206.9	229.5
Intercompany sales between segments	0.0	0.0	0.0	0.0
Performance Coatings
Segment Reporting Information [Line Items]
Net sales	856.1	838.0	2,559.2	2,508.2
Depreciation and amortization expense	55.6	55.5	158.6	171.2
Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	452.9	400.7	1,327.6	1,139.5
Depreciation and amortization expense	15.6	19.0	48.3	58.3
Refinish \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	528.9	498.7	1,547.2	1,451.2
Industrial \| Performance Coatings
Segment Reporting Information [Line Items]
Net sales	327.2	339.3	1,012.0	1,057.0
Light Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	341.8	303.0	1,000.5	861.5
Commercial Vehicle \| Mobility Coatings
Segment Reporting Information [Line Items]
Net sales	$ 111.1	$ 97.7	$ 327.1	$ 278.0

Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	$ 174.8	$ 125.4	$ 449.1	$ 348.0
Interest expense, net	55.1	35.0	157.9	101.1
Debt extinguishment and refinancing-related costs (benefits)	4.0	(0.4)	7.0	(0.6)
Termination benefits and other employee-related costs	11.5	5.0	13.6	10.1
Acquisition and divestiture-related costs	0.4	0.2	0.8	2.8
Impairment (benefits) charges	(0.1)	(0.1)	15.3	(0.4)
Accelerated depreciation and site closure costs	2.1	1.1	4.0	4.2
Russia sanction-related impacts	(0.2)	(1.3)	(1.5)	4.8
Commercial agreement restructuring charge	0.0	0.0	0.0	25.0
Other adjustments	(0.6)	0.8	(0.9)	1.1
Income before income taxes	102.6	85.1	252.9	199.9
Unconsummated Merger And Acquisition
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Acquisition and divestiture-related costs			0.2	1.9
Performance Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	135.0	121.8	362.1	341.6
Mobility Coatings
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Adjusted EBIT	$ 39.8	$ 3.6	$ 87.0	$ 6.4

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance			$ (466.9)				$ (466.9)
Other comprehensive loss, net of tax	$ (67.5)			$ (122.1)			(21.7)	$ (179.6)
AOCI, ending balance	(486.6)						(486.6)
Unrealized Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(385.3)	$ (387.4)	(433.5)	(417.9)	$ (335.7)	$ (331.3)	(433.5)	(331.3)
Current year deferrals to AOCI	(65.0)	3.8	50.3	(118.5)	(77.1)	0.4
Reclassifications from AOCI to Net income	(1.8)	(1.7)	(4.2)	(5.4)	(5.1)	(4.8)
Other comprehensive loss, net of tax	(66.8)	2.1	46.1	(123.9)	(82.2)	(4.4)
AOCI, ending balance	(452.1)	(385.3)	(387.4)	(541.8)	(417.9)	(335.7)	(452.1)	(541.8)
Pension Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(35.5)	(36.1)	(36.3)	(59.5)	(59.9)	(60.4)	(36.3)	(60.4)
Current year deferrals to AOCI	0.0	0.4	0.0	0.0	0.0	0.0
Reclassifications from AOCI to Net income	0.2	0.2	0.2	0.6	0.4	0.5
Other comprehensive loss, net of tax	0.2	0.6	0.2	0.6	0.4	0.5
AOCI, ending balance	(35.3)	(35.5)	(36.1)	(58.9)	(59.5)	(59.9)	(35.3)	(58.9)
Unrealized Gain (Loss) on Derivatives
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	1.1	1.0	2.9	4.2	(5.8)	(22.7)	2.9	(22.7)
Current year deferrals to AOCI	0.0	1.2	0.6	2.4	6.1	10.8
Reclassifications from AOCI to Net income	(0.3)	(1.1)	(2.5)	0.2	3.9	6.1
Other comprehensive loss, net of tax	(0.3)	0.1	(1.9)	2.6	10.0	16.9
AOCI, ending balance	0.8	1.1	1.0	6.8	4.2	(5.8)	0.8	6.8
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
AOCI, beginning balance	(419.7)	(422.5)	(466.9)	(473.2)	(401.4)	(414.4)	(466.9)	(414.4)
Current year deferrals to AOCI	(65.0)	5.4	50.9	(116.1)	(71.0)	11.2
Reclassifications from AOCI to Net income	(1.9)	(2.6)	(6.5)	(4.6)	(0.8)	1.8
Other comprehensive loss, net of tax	(66.9)	2.8	44.4	(120.7)	(71.8)	13.0
AOCI, ending balance	$ (486.6)	$ (419.7)	$ (422.5)	$ (593.9)	$ (473.2)	$ (401.4)	$ (486.6)	$ (593.9)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Cumulative income tax benefit on foreign exchange adjustments	$ (0.8)
Cumulative income tax benefit on pension and postretirement benefit plans	(14.3)	$ (24.0)
Cumulative income tax gain (loss) on derivatives	$ 0.0	$ 0.5

Subsequent Events (Details) - Subsequent Event - Pearl Investment AG and Andre Koch AG $ in Millions	1 Months Ended
	Oct. 31, 2023 USD ($)
Subsequent Event [Line Items]
Percentage of business acquired	100.00%
Cash outflow on closing date of acquisition	$ 107.5