Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

INCOME BEFORE INCOME TAXES	2020			2019		2018
U.S.	$	(101.5	)	$	66.5	$	47.0
Non-U.S.		392.7			581.9		565.4
Total	$	291.2		$	648.4	$	612.4

Schedule of Provision for Income Taxes

PROVISION FOR INCOME TAXES	2020			2019			2018
Current
U.S. federal	$	(40.6	)	$	18.6		$	31.6
Non-U.S.		168.8			178.2			192.7
U.S. state and local		(1.5	)		4.8			10.1
Deferred
U.S. federal		(5.5	)		(2.8	)		0.8
Non-U.S.		(16.5	)		(12.6	)		(0.2	)
U.S. state and local		(1.8	)		(0.6	)		(0.1	)
Total income tax expense	$	102.9		$	185.6		$	234.9

Schedule of Effective Income Tax Rate

EFFECTIVE INCOME TAX RATE	2020				2019				2018
U.S. federal income tax rate		21.0		%		21.0		%		21.0		%
Non-Deductible Expenses		3.0				0.3				1.4
Foreign tax rate variances		8.4				4.1				5.5
Tax credits		(3.2	)			(1.7	)			(3.9	)
Change in Valuation Allowances		—				—				(3.2	)
Current year losses with no benefit		7.1				0.2				0.5
Net operating loss carry-forwards		—				(0.1	)			(0.1	)
Changes in tax reserves		1.7				1.7				3.4
Provision to Return		(8.8	)			(2.3	)			(0.3	)
Earnings of equity investments		(0.2	)			(0.1	)			(0.1	)
Withholding taxes		8.5				2.4				3.5
State taxes, net of federal benefit		(0.7	)			0.4				1.1
Antitrust settlement		—				—				9.9
U.S. FDII Deduction		—				(0.5	)			—
U.S. GILI Tax		—				1.8				1.7
Other, net		(1.5	)			1.4				(2.0	)
Effective income tax rate		35.3		%		28.6		%		38.4		%

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

UNRECOGNIZED TAX BENEFITS	2020			2019			2018
Unrecognized tax benefits at beginning of year	$	59.0		$	49.6		$	29.6
Increases as a result of tax positions taken during a prior    period		0.7			3.8			24.0
Increases as a result of tax positions taken during the current    period		4.2			6.1			4.7
Decreases as a result of tax positions taken during the    current period		—			—			(3.1	)
Decreases relating to settlements with taxing authorities		—			—			(3.2	)
Decreases resulting from the lapse of the applicable statute    of limitations		(1.0	)		(0.6	)		(1.5	)
Translation Difference		(0.4	)		0.1			(0.9	)
Total unrecognized tax benefits at end of year	$	62.5		$	59.0		$	49.6

Schedule of Deferred Taxes

The tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as follows.

DEFERRED TAXES
DECEMBER 31	2020			2019			2018
Assets
Provisions	$	141.2		$	105.2		$	104.9
Costs capitalized for tax		21.3			25.5			18.2
Property, plant and equipment		4.7			9.8			13.0
Retirement Plans		58.7			60.6			50.1
Tax receivables, principally NOL’s		109.7			93.8			113.9
Deferred tax assets before allowances	$	335.6		$	294.9		$	300.1
Valuation allowances		(67.9	)		(60.7	)		(71.0	)
Total	$	267.7		$	234.2		$	229.1
Liabilities
Acquired intangibles	$	(1.9	)	$	(3.8	)	$	(6.1	)
Statutory tax allowances		(0.2	)		(0.2	)		(0.5	)
Distribution taxes		(14.5	)		(15.4	)		(22.9	)
Other		(4.3	)		(6.5	)		(10.1	)
Total	$	(20.9	)	$	(25.9	)	$	(39.6	)
Net deferred tax asset	$	246.8		$	208.3		$	189.5

Schedule of Valuation Allowances Against Deferred Tax Assets

The following table summarizes the activity related to the Company’s valuation allowances:

VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS DECEMBER 31	2020			2019			2018
Allowances at beginning of year	$	60.7		$	71.0		$	110.6
Benefits reserved current year		13.9			3.9			6.4
Benefits recognized current year		(1.1	)		(10.5	)		(36.9	)
Write-offs and other changes		—			—			—
Translation difference		(5.6	)		(3.7	)		(9.1	)
Allowances at end of year	$	67.9		$	60.7		$	71.0