Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income (loss) before income taxes are as follows:



	2019			2018			2017
	(in millions)
U.S. loss	$	(889.0	)	$	(549.4	)	$	(37.1	)
Non - U.S. income	356.0			435.5			377.1
Total income (loss) before income taxes	$	(533.0	)	$	(113.9	)	$	340.0

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The following is a summary of the components of our provision for income taxes:



	2019			2018			2017
	(in millions)
Current
Federal	$	(11.9	)	$	(81.5	)	$	87.1
State and local	0.1			3.2			(0.7		)
Foreign	49.3			46.5			62.4
Total current	$	37.5		$	(31.8	)	$	148.8

Deferred
Federal	$	(73.5	)	$	(5.1	)	$	(122.3	)
State and local	(1.5		)	(6.7		)	(17.0		)
Foreign	(11.4		)	(13.5		)	(7.0		)
Total deferred	(86.4		)	(25.3		)	(146.3		)
Total income tax expense (benefit)	$	(48.9	)	$	(57.1	)	$	2.5

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following is a reconciliation of income taxes calculated at the U.S. federal statutory income tax rate of 21% in 2019 and 2018 and 35% in 2017 to our provision for income taxes:



	2019			2018			2017
Federal statutory	$	(111.9	)	$	(23.9	)	$	119.0
Foreign income taxes	(40.2		)	(39.7		)	(96.3		)
Change in enacted tax rate	0.2			(8.3		)	(107.6		)
Transition tax	(7.5		)	5.8			108.3
State and local	(20.0		)	(12.8		)	(6.3		)
Tax credits	(9.6		)	(20.1		)	(8.8		)
Valuation allowance	12.6			12.9			(6.1		)
Goodwill impairment	92.4			21.6			—
Withholding taxes	4.0			6.6			4.7
U.S. tax on unremitted foreign earnings	(2.8		)	4.1			(18.6		)
Global intangible low-taxed income	31.1			8.0			—
Uncertain tax positions	5.9			(9.8		)	13.5
Other	(3.1		)	(1.5		)	0.7
Effective income tax expense (benefit)	$	(48.9	)	$	(57.1	)	$	2.5

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets and liabilities recognized in our Consolidated Balance Sheets are as follows:



	December 31,
	2019		2018
	(in millions)
U.S. federal and state deferred tax asset (liability), net	$	5.0	$	(76.6	)
Other foreign deferred tax asset, net	39.5		29.5
Deferred tax asset (liability), net	$	44.5	$	(47.1	)

The approximate tax effect of each significant type of temporary difference and carryforward that results in a deferred tax asset or liability is as follows:



	December 31,
	2019			2018
	(in millions)
Deferred tax assets
Employee benefits	$	149.4		$	152.9
Inventory	27.3			22.9
Net operating loss (NOL) carryforwards	201.7			166.0
Tax credit carryforwards	47.8			44.3
Capital allowance carryforwards	9.3			10.0
Capitalized expenditures	42.9			25.9
Interest carryforward	43.9			—
Operating lease liabilities	27.1			—
Other	42.7			47.3
Valuation allowances	(196.0		)	(183.3		)
Deferred tax assets	$	396.1		$	286.0

Deferred tax liabilities
Other intangible assets	(199.7		)	(176.0		)
Fixed assets	(120.7		)	(141.9		)
Operating lease right-of-use assets	(27.1		)	—
Other	(4.1		)	(15.2		)
Deferred tax liabilities	$	(351.6	)	$	(333.1	)

Deferred tax asset (liability), net	$	44.5		$	(47.1	)

Schedule of Unrecognized Income Tax Benefits [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits is as follows:



	Unrecognized Income Tax			Interest and
	Benefits			Penalties
	(in millions)
Balance at January 1, 2017	$	28.2		$	2.5
Increase in prior year tax positions	1.5			3.1
Decrease in prior year tax positions	(0.4		)	—
Increase in current year tax positions	10.5			—
Increase from acquisitions	8.3			1.9
Settlement	(1.2		)	(0.1		)
Foreign currency remeasurement adjustment	0.8			0.1
Balance at December 31, 2017	$	47.7		$	7.5
Increase in prior year tax positions	5.6			3.5
Decrease in prior year tax positions	(16.9		)	(2.5		)
Increase in current year tax positions	6.0			—
Settlement	(3.7		)	(1.6		)
Balance at December 31, 2018	$	38.7		$	6.9
Increase in prior year tax positions	0.2			4.5
Decrease in prior year tax positions	(3.1		)	(0.1		)
Increase in current year tax positions	4.4			—
Foreign currency remeasurement adjustment	0.9			0.2
Balance at December 31, 2019	$	41.1		$	11.5