XML 60 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Tax Provision (Benefit) for Income Taxes Tax provision (benefit) for income taxes consisted of the following:
Years Ended December 31,
202120202019
(In millions)
Current
Domestic (1)
$21.7 $16.3 $16.3 
Foreign9.7 4.0 1.1 
Total31.4 20.3 17.4 
Deferred
Domestic (1)
(1.4)(4.9)7.4 
Foreign21.7 (7.3)8.5 
Total20.3 (12.2)15.9 
Provision for income taxes$51.7 $8.1 $33.3 
(1) Domestic refers to Germany.
Schedule of Income before Income Taxes
Income before income taxes for fiscal years 2021, 2020 and 2019 is as follows:
Years Ended December 31,
202120202019
(In millions)
Domestic (1)
$89.2 $25.6 $112.5 
Foreign97.2 0.7 7.7 
Income before income taxes$186.4 $26.3 $120.2 
(1) Domestic refers to Germany.
Schedule of Effective Tax Rate Reconciliation
The following tax reconciliation shows the difference between the expected income taxes using the German overall statutory income tax rate of 32.0% and the effective income taxes in the income statement, for the years ended December 31, 2021, 2020 and 2019.
Years Ended December 31,
202120202019
(In millions)
Income before income taxes$186.4 $26.3 $120.2 
Expected income tax thereon59.6 8.4 38.4 
Tax rate differential(9.8)(1.4)(3.5)
Change in valuation allowance(6.0)(1.3)0.5 
Change in the tax rate and tax laws— (0.1)0.1 
Non-deductible interest expenses1.2 1.1 1.2 
Non-deductible expenses, and non-deductible taxes5.4 2.8 0.7 
Tax effect on tax-free income(0.4)(0.2)(0.9)
Other tax effects1.7 (1.2)(3.2)
Effective income taxes as reported$51.7 $8.1 $33.3 
Effective tax rate27.74 %30.80 %27.65 %
Schedule of Significant Components of Deferred Income Taxes
Significant components of deferred income taxes were as follows:
December 31
20212020
(In millions)
Deferred tax assets
   Financial assets$— $7.9 
   Inventories3.3 3.4 
   Deferred compensation15.8 16.8 
   Liabilities including leases liabilities36.3 26.9 
Loss carryforwards47.0 39.8 
Interest carryforwards9.8 11.2 
Tax credits8.4 4.3 
Total deferred tax assets120.6 110.3 
Deferred tax asset valuation allowances(36.3)(42.7)
Net deferred tax assets$84.3 67.6 
Deferred Tax Liabilities
   Intangible assets$2.9 $3.5 
   Property, plant and equipment including right of use assets65.9 30.5 
   Financial assets1.0 — 
   Receivables, other assets14.3 9.2 
Other11.6 10.6 
Total deferred tax liabilities$95.7 $53.8 
Net deferred tax assets / (liabilities)$(11.4)$13.8 
Our net deferred tax assets and liabilities reflected in our balance sheet are as follows:
Net deferred tax positionDecember 31
20212020
(In millions)
Deferred tax assets
Net deferred tax assets$50.4 $52.6 
Deferred tax liabilities
Net deferred tax liabilities61.8 38.8 
Net deferred tax asset / (liability) positions$(11.4)$13.8 
Summary of Valuation Allowance
Valuation allowance202120202019
(In millions)
As of January 1,$42.7 $41.9 $39.3 
   Additions for Tax Credits3.5 — 3.2 
   Additions for Loss carryforwards — 1.8 — 
   Additions for Interest carryforwards— 1.3 0.9 
   Additions Other0.4 0.2 — 
   Reduction for Tax Credits— (2.5)(1.0)
   Reduction for Loss carryforwards (1.8)— (0.4)
   Reductions for Interest carryforwards(8.5)— (0.1)
As of December 31,$36.3 $42.7 $41.9 
Summary of Tax Loss and Interest Carryforwards
The following table provides detail surrounding the expiration dates of the gross amount of tax loss carryforwards and tax credits:

December 31
Net operating loss carryforwards Tax Credits
(In millions)
2022 to 2028$— $— 
2029 and thereafter50.1 — 
Indefinite carryforwards139.2 8.4 
Total$189.3 $8.4 
Schedule of Unrecognized Tax Benefits
The following table summarizes the activity in unrecognized tax benefits:
202120202019
(In millions)
Balance at beginning of the year$13.0 $11.6 $14.8 
Additions based on tax positions related to the current year0.3 0.1 0.2 
Additions for tax positions of prior year— 1.3 — 
Reductions of tax positions of prior year(1.2)— (3.4)
Balance at end of the year$12.1 $13.0 $11.6