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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Domestic and Foreign Components of Income Before Income Taxes
Year Ended December 31,
202120202019
Domestic$173.3 $85.4 $223.4 
Foreign167.2 36.8 106.6 
Total$340.5 $122.2 $330.0 
Schedule of Components of Income Tax Expense (Benefit)
Provision (Benefit) for Income Taxes
Year Ended December 31, 2021Year Ended December 31, 2020Year Ended December 31, 2019
Current  Deferred  Total  Current  Deferred  Total  Current  Deferred  Total  
U.S. federal$14.6 $18.1 $32.7 $1.8 $9.9 $11.7 $8.3 $27.1 $35.4 
U.S. state and local4.3 1.4 5.7 6.0 (1.9)4.1 5.3 (9.2)(3.9)
Foreign42.2 (4.5)37.7 47.8 (63.4)(15.6)48.1 (2.2)45.9 
Total$61.1 $15.0 $76.1 $55.6 $(55.4)$0.2 $61.7 $15.7 $77.4 
Schedule of Effective Income Tax Rate Reconciliation
Reconciliation to U.S. Statutory Rate
Year Ended December 31,
202120202019
Statutory U.S. federal income tax rate (1)
$71.5 21.0 %$25.7 21.0 %$69.3 21.0 %
Foreign income taxed at rates other than U.S. statutory rate(16.9)(5.0)(13.9)(11.3)(16.3)(4.9)
Changes in valuation allowances18.1 5.3 10.0 8.2 18.8 5.7 
Foreign exchange gain (loss), net2.2 0.6 8.2 6.7 (2.8)(0.8)
Unrecognized tax benefits (2)
(4.9)(1.4)54.9 44.9 11.2 3.4 
Foreign taxes8.7 2.5 7.0 5.7 21.4 6.5 
Non-deductible expenses5.7 1.7 4.6 3.7 4.1 1.3 
Tax credits(6.7)(2.0)(5.3)(4.3)(3.9)(1.2)
Excess tax (benefits)/shortfalls relating to stock-based compensation
0.4 0.1 (0.3)(0.2)(11.4)(3.5)
Base erosion and anti-tax abuse tax— — — — 4.3 1.3 
U.S. state and local taxes, net5.0 1.5 2.8 2.3 6.6 2.0 
Intra-entity IP transfer step-up (3)
— — (50.8)(41.6)— — 
Other - net (4)
(7.0)(1.9)(42.7)(34.9)(23.9)(7.3)
Total income tax provision / effective tax rate$76.1 22.4 %$0.2 0.2 %$77.4 23.5 %
(1)The U.S. statutory rate has been used as management believes it is more meaningful to the Company.
(2)In 2020, we recorded charges of $14.3 million in connection with the income tax audit in Germany and $27.3 million in the Netherlands related to realized exchange gain. The Netherlands item is fully offset by a tax benefit of $27.3 million recorded in 2020 to adjust to the prior year tax filing position.
(3)Related to the step-up of tax deductible basis upon transfer of certain intellectual property rights to our Swiss subsidiary.
(4)In 2021, the Company recorded a tax benefit of $2.9 million in the Netherlands, which is fully offset by a tax expense of $2.9 million for an increase to the valuation allowance. In 2020, the Company recorded a tax benefit of $41.8 million in the Netherlands, of which $27.3 million is related to realized exchange gain and $14.5 million related to rate change on deferred taxes, which are both fully offset by a tax expense of $27.3 million for the increase to unrecognized tax benefits and $14.5 million for an increase to the valuation allowance, respectively. 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,
20212020
Deferred tax asset
Tax loss, credit and interest carryforwards
$256.4 $259.2 
Goodwill and intangibles
— 12.0 
Compensation and employee benefits
65.0 90.4 
Accruals and other reserves
42.2 18.0 
Research and development capitalization
16.4 19.4 
Equity investment and other securities
29.6 33.4 
Leases42.9 42.5 
Other
1.8 5.9 
Total deferred tax assets454.3 480.8 
Less: valuation allowance(210.9)(208.1)
Total deferred tax assets, net of valuation allowance243.4 272.7 
Deferred tax liabilities
Goodwill and intangibles
(70.1)— 
Property, plant and equipment
(148.5)(156.0)
Unremitted earnings
(10.6)(7.1)
Accounts Receivable & Other Assets(7.4)— 
Total deferred tax liabilities(236.6)(163.1)
Net deferred tax asset$6.8 $109.6 
Non-current assets$181.5 $223.6 
Non-current liability(174.7)(114.0)
Net deferred tax asset$6.8 $109.6 
Summary of Tax Credit Carryforwards
Tax loss, tax credit and interest carryforwardsYear Ended December 31,
20212020
Tax loss carryforwards (tax effected) (1)
Expire within 10 years
$23.0 $78.7 
Expire after 10 years or indefinite carryforward
172.1 115.8 
Tax credit carryforwards
Expire within 10 years
0.6 1.6 
Expire after 10 years or indefinite carryforward
9.2 17.3 
Interest carryforwards
Expire within 10 years
2.0 2.9 
Expire after 10 years or indefinite carryforward
49.5 42.9 
Total tax loss, tax credit and interest carryforwards$256.4 $259.2 
(1)Net of unrecognized tax benefits
Summary of Valuation Allowance
Year Ended December 31,
20212020
Non-U.S. $207.4 $205.0 
U.S.
3.5 3.1 
Total valuation allowance$210.9 $208.1 
Schedule of Unrecognized Tax Benefits
Total Gross Unrecognized Tax Benefits
 Year Ended December 31,
202120202019
Total gross unrecognized tax benefits at January 1$99.6 $45.3 $37.0 
Increases related to acquisitions1.8 — — 
Increases related to positions taken on items from prior years
2.3 50.9 3.9 
Decreases related to positions taken on items from prior years
(16.5)— (1.0)
Increases related to positions taken in the current year3.9 3.7 5.5 
Settlement of uncertain tax positions with tax authorities0.4 — (0.1)
Decrease due to expiration of statues of limitations(0.1)(0.3)— 
Total gross unrecognized tax benefits at December 3191.4 99.6 45.3 
Total accrual for interest and penalties associated with unrecognized tax benefits (1)
8.7 10.9 5.0 
Total gross unrecognized tax benefits at December 31, including interest and penalties$100.1 $110.5 $50.3 
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate$44.5 $57.6 $31.7 
Interest and penalties included as components of the Provision for income taxes$(3.4)$5.9 $1.9 
(1)Accrued interest and penalties are included within the related tax liability line in the balance sheet.