Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax

Income (loss) before income taxes and non-controlling interests from continuing operations was as follows:

	Year Ended December 31,
(dollars in millions)	2019		2018		2017
Domestic	$	(96.3)	$	(214.7)	$	(362.3)
Foreign	237.2		161.5		101.9
Total	$	140.9	$	(53.2)	$	(260.4)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations consisted of the following: 

	Year Ended December 31,
(dollars in millions)	2019		2018		2017
Current:
U.S.:
Federal	$	(4.1)	$	14.9	$	(1.2)
State and local	—		0.4		1.0
Foreign	68.5		63.2		65.7
Total current	64.4		78.5		65.5
Deferred:
U.S.:
Federal	33.2		(35.1)		(78.4)
State and local	(0.8)		(4.3)		(2.1)
Foreign	(35.5)		(15.3)		(53.6)
Total deferred	(3.1)		(54.7)		(134.1)
Income tax expense (benefit)	$	61.3	$	23.8	$	(68.6)

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) from continuing operations differed from the amounts computed by applying the U.S. federal statutory tax rate to pre-tax loss, as a result of the following:

	Year Ended December 31,
(dollars in millions)	2019			2018			2017
U.S. federal statutory tax rate	21.0		%	21.0		%	35.0		%
Taxes computed at U.S. statutory rate	$	29.6		$	(11.2)		$	(91.1)
State income taxes, net of federal benefit	(0.6)			(3.1)			1.7
U.S. tax on foreign operations	23.7			31.2			35.0
Foreign tax on foreign operations	12.1			11.4			8.3
Change in valuation allowances	0.9			27.5			43.3
Tax on undistributed foreign earnings	(3.2)			7.0			1.5
Net change in reserve	(2.1)			(4.9)			(10.6)
Tax rate changes	(0.9)			8.3			(19.4)
Impact of the TCJA	—			(41.8)			(46.3)
Other, net	1.8			(0.6)			9.0
Income tax expense (benefit)	$	61.3		$	23.8		$	(68.6)
Effective tax rate	43.5		%	(44.7)		%	26.3		%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income taxes at December 31, 2019 and 2018 were as follows:

	December 31,
(dollars in millions)	2019		2018
Deferred tax assets:
Net operating losses	$	112.7	$	224.5
Interest carryforward	69.3		17.3
Capital loss carryforward	66.6		—
Tax credits	33.8		38.5
Employee benefits	22.2		38.6
Research and development costs	18.4		11.8
Unrealized foreign exchange	9.9		17.3
Accrued liabilities	5.3		26.4
Accounts receivable	1.3		16.0
Financing activities	0.1		11.8
Arysta outside basis difference	—		274.2
Goodwill	—		10.3
Other	18.4		14.9
Total deferred tax assets	358.0		701.6
Valuation allowance	(219.6)		(475.2)
Total gross deferred tax assets	138.4		226.4
Deferred tax liabilities:
Intangible assets	198.0		631.2
Property, plant and equipment	17.9		31.8
Undistributed foreign earnings	9.9		29.5
Goodwill	6.3		—
Other	—		0.4
Total gross deferred tax liabilities	232.1		692.9
Net deferred tax liability	$	93.7	$	466.5

Schedule of Unrecognized Tax Benefits Roll Forward

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

	Year Ended December 31,
(dollars in millions)	2019		2018		2017
Unrecognized tax benefits at beginning of period	$	81.4	$	90.3	$	128.3
Additions based upon prior year tax positions	1.4		2.7		4.0
Additions based on current year tax positions	3.2		3.1		6.5
Reductions for prior period positions	(7.6)		(6.9)		(38.0)
Reductions for settlements and payments	(2.1)		(4.3)		(4.2)
Reductions due to closed statutes	(5.1)		(3.5)		(6.3)
Total unrecognized tax benefits at end of period	$	71.2	$	81.4	$	90.3

Summary of Income Tax Examinations

At December 31, 2019, the following tax years remained subject to examination by the major tax jurisdictions indicated below:

Major Jurisdictions	Open Years
China	2015	through current
Germany	2013	through current
Taiwan	2013	through current
United Kingdom	2008 and 2015	through current
United States	2015	through current