Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income before Income Tax, Domestic and Foreign

Domestic and Foreign Components of Income Before Income Taxes



	Year Ended December 31,
	2019		2018		2017
Domestic	$	223.4	$	194.8	$	41.8
Foreign	106.6		72.7		147.8
Total	$	330.0	$	267.5	$	189.6

Schedule of Components of Income Tax Expense (Benefit)

Provision (Benefit) for Income Taxes



	Year Ended December 31, 2019								Year Ended December 31, 2018							Year Ended December 31, 2017
	Current		Deferred			Total			Current		Deferred			Total		Current		Deferred			Total
U.S. federal	$	8.3	$	27.1		$	35.4		$	7.2	$	6.8		$	14.0	$	4.6	$	102.8		$	107.4
U.S. state and local	5.3		(9.2		)	(3.9		)	2.7		12.8			15.5		1.7		0.4			2.1
Foreign	48.1		(2.2		)	45.9			38.2		(13.5		)	24.7		43.9		(11.5		)	32.4
Total	$	61.7	$	15.7		$	77.4		$	48.1	$	6.1		$	54.2	$	50.2	$	91.7		$	141.9

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation to U.S. Statutory Rate



	Year Ended December 31,
	2019					2018					2017
Statutory U.S. federal income tax rate ⁽¹⁾	$	69.3		21.0	%	$	56.2		21.0	%	$	66.4		35.0	%
Earnings generated in jurisdictions where the statutory rate is different from the U.S. Federal rate	(16.3		)	(4.9	)	(26.8		)	(10.0	)	(80.3		)	(42.4	)
Changes in valuation allowances	18.8			5.7		(37.5		)	(14.0	)	45.3			23.9
Foreign exchange gain (loss), net	(2.8		)	(0.8	)	26.7			10.0		6.4			3.4
Unrecognized tax benefits	11.2			3.4		18.9			7.1		3.1			1.6
Foreign taxes	21.4			6.5		6.7			2.5		4.1			2.2
Non-deductible interest	0.3			0.1		4.8			1.8		9.8			5.2
Non-deductible expenses	3.8			1.2		3.8			1.4		4.6			2.4
Tax credits	(3.9		)	(1.2	)	(6.6		)	(2.4	)	(4.2		)	(2.2	)
Excess tax benefits relating to stock-based compensation	(11.4		)	(3.5	)	(6.6		)	(2.4	)	(13.1		)	(6.9	)
U.S. tax reform ⁽²⁾	—			—		(12.5		)	(4.7	)	107.8			56.8
Base erosion and anti-abuse tax	4.3			1.3		2.7			1.0		—			—
Venezuela deconsolidation and impairment	—			—		—			—		(2.0		)	(1.0	)
U.S. state and local taxes, net	6.6			2.0		1.8			0.7		1.3			0.7
Other - net ⁽³⁾	(23.9		)	(7.3	)	22.6			8.3		(7.3		)	(4.0	)
Total income tax provision / effective tax rate	$	77.4		23.5	%	$	54.2		20.3	%	$	141.9		74.7	%


(1)	The U.S. statutory rate has been used as management believes it is more meaningful to the Company.


(2)	Tax effect of the U.S. TCJA recorded under SAB 118.

(3)

In 2019, the Company recorded a tax benefit of $24.9 million in Luxembourg related to a local statutory impairment, which is fully offset by a tax expense of $24.9 million for the increase to the valuation allowance.

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Balances



	Year Ended December 31,
	2019			2018
Deferred tax asset
Tax loss, credit and interest carryforwards	$	245.3		$	238.5
Compensation and employee benefits	80.8			80.1
Accruals and other reserves	17.2			25.5
Research and development capitalization	6.5			7.7
Equity investment and other securities	28.3			20.1
Finance leases	19.1			—
Other	3.7			3.0
Total deferred tax assets	400.9			374.9
Less: valuation allowance	(178.3		)	(159.0		)
Total deferred tax assets, net of valuation allowance	222.6			215.9
Deferred tax liabilities
Goodwill and intangibles	(20.8		)	(17.4		)
Property, plant and equipment	(147.7		)	(144.7		)
Unremitted earnings	(6.0		)	(7.4		)
Long-term debt	(1.3		)	(2.4		)
Total deferred tax liabilities	(175.8		)	(171.9		)
Net deferred tax asset	$	46.8		$	44.0

Non-current assets	$	162.3		$	184.8
Non-current liability	(115.5		)	(140.8		)
Net deferred tax asset	$	46.8		$	44.0

Summary of Tax Credit Carryforwards [Table Text Block]

Tax loss, tax credit and interest carryforwards



	Year Ended December 31,
	2019		2018
Tax loss carryforwards (tax effected) ⁽¹⁾
Expire within 10 years	$	75.9	$	53.3
Expire after 10 years or indefinite carryforward	106.7		121.6
Tax credit carryforwards
Expire within 10 years	1.9		17.3
Expire after 10 years or indefinite carryforward	24.4		20.9
Interest carryforwards ⁽¹⁾
Expire within 10 years	1.2		2.2
Expire after 10 years or indefinite carryforward	35.2		23.2
Total tax loss, tax credit and interest carryforwards	$	245.3	$	238.5

(1)

Net of unrecognized tax benefits

Summary of Valuation Allowance [Table Text Block]

Valuation allowance



	Year Ended December 31,
	2019		2018
Non-U.S.	$	175.8	$	133.8
U.S.	2.5		25.2
Total valuation allowance	$	178.3	$	159.0

Schedule of Unrecognized Tax Benefits Roll Forward

Total Gross Unrecognized Tax Benefits



	Year Ended December 31,
	2019			2018			2017
Total gross unrecognized tax benefits at January 1	$	37.0		$	17.2		$	12.3
Increases related to positions taken on items from prior years	3.9			3.4			1.9
Decreases related to positions taken on items from prior years	(1.0		)	(1.8		)	—
Increases related to positions taken in the current year	5.5			18.2			3.0
Settlement of uncertain tax positions with tax authorities	(0.1		)	—			—
Total gross unrecognized tax benefits at December 31	45.3			37.0			17.2
Total accrual for interest and penalties associated with unrecognized tax benefits ⁽¹⁾	5.0			3.1			1.2
Total gross unrecognized tax benefits at December 31, including interest and penalties	$	50.3		$	40.1		$	18.4

Total unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	31.7		$	25.2		$	9.7
Interest and penalties included as components of the Provision (benefit) for income taxes	$	1.9		$	1.9		$	0.1

(1)

Accrued interest and penalties are included within the related tax liability line in the balance sheet.