Income Taxes (as restated) (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income before Income Tax, Domestic and Foreign

Earnings (loss) before income taxes from continuing operations consists of the following:


	December 31 2020 (as restated)		December 31, 2019		December 31, 2018
United States	$	(373.2)	$	(201.1)	$	(351.4)
Non-U.S. (1)	118.6		96.8		80.4
Total loss before income taxes	$	(254.6)	$	(104.3)	$	(271.0)

(1)Certain of the Company's Non-U.S. entities generate significant losses for which a valuation allowance is provided for and accordingly do not create a tax benefit.

Schedule of Components of Income Tax Expense (Benefit)

The principal components of income tax expense (benefit) from continuing operations consists of the following:


	December 31, 2020		December 31, 2019		December 31, 2018
Current:
Federal	$	0.1	$	—	$	—
State and local	0.6		(1.4)		6.0
Non-U.S.	73.4		51.0		83.8
Deferred:
Federal	2.3		(0.4)		(8.4)
State and local	2.9		(1.8)		(2.7)
Non-U.S.	(6.6)		(10.9)		(28.8)
Income tax expense (benefit)	$	72.7	$	36.5	$	49.9

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of U.S. federal statutory taxes to the Company’s total income tax expense (benefit) from continuing operations consists of the following:


	December 31, 2020 (as restated)		December 31, 2019		December 31, 2018
Taxes at U.S. statutory rate (21%)	$	(53.5)	$	(21.9)	$	(56.9)
State and local taxes, net of federal tax benefit	(4.9)		(4.0)		(6.0)
Non-U.S. rate differential	4.6		4.3		4.2
Non-U.S. tax holidays	(9.2)		(4.6)		(1.8)
Uncertain tax positions	16.4		16.0		21.5
Tax Cuts and Jobs Act of 2017	—		—		(14.1)
Global intangible low-tax income inclusion	15.4		13.8		4.2
Change in valuation allowances	82.1		17.0		104.7
Taxes on undistributed foreign earnings and withholding/ dividend taxes	9.8		8.5		(2.3)
U.S. implications of non-U.S. earnings	(2.6)		(1.8)		12.3
R&D deduction/ credit	(7.9)		(2.2)		(11.8)
Non-taxable settlement of contingent consideration	—		—		(3.2)
Change in fair value of warrant liabilities	30.2		—		—
Other permanent differences	4.9		6.7		10.5
Impact of rate changes in non-U.S. jurisdictions	(2.6)		4.8		(1.3)
Outside basis difference on divestiture	—		—		(6.6)
Impact of transaction costs	(4.8)		—		—
Other (1)	(5.2)		(0.1)		(3.5)
Total income tax expense (benefit)	$	72.7	$	36.5	$	49.9

(1)Represents several adjustments, none of which are significant for separate disclosure.

Schedule of Deferred Tax Assets and Liabilities

The principal items that gave rise to deferred income tax assets and liabilities follow:


	December 31, 2020		December 31, 2019
Deferred tax assets
Net operating losses and capital losses	$	156.0	$	131.7
Accrued liabilities	44.9		30.0
Employee compensation and benefits	10.1		13.7
Pensions	14.8		13.3
Business interest deduction limitation	80.7		98.9
Inventory	21.8		20.4
R&D credit carryforward	8.8		6.6
Lease liability	13.7		19.8
Bad debts	7.5		6.3
Foreign tax credit carryforward	7.6		—
Other	0.4		0.3
Total deferred tax assets, before valuation allowances	$	366.3	$	341.0
Valuation allowances	$	(274.7)	$	(205.7)
Deferred tax assets, net of valuation allowances	$	91.6	$	135.3
Deferred tax liabilities
Intangibles & Goodwill	(95.5)		(106.9)
Undistributed foreign earnings	(38.0)		(45.1)
Property, plant & equipment	(30.6)		(31.2)
Debt issuance costs	(3.2)		(46.1)
Lease Right of Use Asset	(12.1)		(18.8)
Other	(7.8)		(2.9)
Total deferred tax liabilities	$	(187.2)	$	(251.0)
Net deferred income tax liabilities	$	(95.6)	$	(115.7)

Schedule of Unrecognized Tax Benefits Roll Forward

Following are changes in unrecognized tax benefits before considering recoverability of cross-jurisdictional tax credits (federal, state, and non-U.S.) and temporary differences. The amount of unrecognized tax benefits is not expected to significantly increase or decrease within the next 12 months.


	December 31, 2020		December 31, 2019		December 31, 2018
Beginning balance	$	52.6	$	38.4	$	22.0
Additions for the current year tax positions	13.2		10.2		11.6
Additions for prior year tax positions	8.1		5.5		9.6
Reductions for prior year tax positions	(1.5)		(1.0)		(4.8)
Reductions for settlements with tax authorities	—		—		—
Reductions for expirations of statute of limitations	(2.4)		(0.5)		—
Ending balance	$	70.0	$	52.6	$	38.4