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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Consolidated Income Before Provision for Income Taxes and Equity in Net Income of Affiliates and Components of Provision for Income Taxes
A summary of consolidated income before provision for income taxes and equity in net income of affiliates and the components of provision for income taxes is shown below (in millions):
For the year ended December 31,202120202019
Consolidated income before provision for income taxes and equity in net income of affiliates:
Domestic$(110.9)$(145.0)$317.4 
Foreign694.4 444.3 636.2 
$583.5 $299.3 $953.6 
Domestic benefit for income taxes:
Current provision $38.4 $29.0 $24.2 
Deferred benefit(76.6)(106.2)(52.6)
Total domestic benefit$(38.2)$(77.2)$(28.4)
Foreign provision for income taxes:
Current provision$154.8 $149.6 $160.1 
Deferred provision21.1 21.5 14.4 
Total foreign provision$175.9 $171.1 $174.5 
Provision for income taxes$137.7 $93.9 $146.1 
Summary of Difference Between Provision for Income Taxes Calculated at United States Federal Statutory Income Tax Rate and Consolidated Provision for Income Taxes
A summary of the differences between the provision for income taxes calculated at the United States federal statutory income tax rate of 21% and the consolidated provision for income taxes is shown below (in millions):
For the year ended December 31,202120202019
Consolidated income before provision for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate$122.5 $62.9 $200.2 
Differences in income taxes on foreign earnings, losses and remittances30.4 20.7 14.1 
Valuation allowance adjustments29.0 47.7 1.2 
Research and development and other tax credits(19.0)(11.8)(40.8)
FDII deduction(6.0)(14.6)(29.3)
U.S. tax impact of foreign earnings (1)
(9.8)(21.1)9.7 
Tax audits and assessments3.2 8.9 0.4 
Change in the tax status of certain affiliates— — (18.1)
Other(12.6)1.2 8.7 
Provision for income taxes$137.7 $93.9 $146.1 
(1)     Reflects the impact on the domestic provision for income taxes related to foreign source income, including foreign branch earnings net of the applicable foreign tax credits in the general, foreign branch, GILTI and passive separate limitation categories. This amount includes the U.S. tax impact of apportioning U.S. expenses against the GILTI and foreign branch baskets in calculating the foreign tax credit limitation resulting in no tax benefit for these expenses due to the Company's excess foreign tax credit position in the GILTI basket for 2020 and 2019. In 2020, as a result of the change in the foreign branch basket limitation, the Company recognized tax benefits of $15.5 million related to the U.S. deferred tax effect of the foreign branches.
Summary of Components of Net Deferred Income Tax Asset A summary of the components of the net deferred income tax asset is shown below (in millions):
December 31,20212020
Deferred income tax assets (liabilities):
Tax loss carryforwards$396.9 $423.9 
Tax credit carryforwards266.4 280.6 
Retirement benefit plans55.8 82.9 
Accrued liabilities193.9 177.9 
Self-insurance reserves6.7 7.1 
Current asset basis differences41.4 43.3 
Long-term asset basis differences(24.2)(36.5)
Deferred compensation25.4 22.6 
Capitalized engineering, research and development138.3 67.1 
Undistributed earnings of foreign subsidiaries(74.0)(71.7)
Derivative instruments and hedging activities2.0 (5.2)
Other(12.3)(8.9)
Net deferred income tax asset before valuation allowance1,016.3 983.1 
Valuation allowance(406.9)(397.7)
Net deferred income tax asset$609.4 $585.4 
Classification of Net Deferred Income Tax Asset
The classification of the net deferred income tax asset is shown below (in millions):
December 31,20212020
Long-term deferred income tax assets$701.4 $670.2 
Long-term deferred income tax liabilities(92.0)(84.8)
Net deferred income tax asset$609.4 $585.4 
Summary of Changes in Gross Unrecognized Tax Benefits
A summary of the changes in gross unrecognized tax benefits is shown below (in millions):
For the year ended December 31,202120202019
Balance at beginning of period$36.4 $31.6 $36.7 
Additions (reductions) based on tax positions related to current year7.7 4.9 (0.3)
Additions (reductions) based on tax positions related to prior years(4.0)3.6 2.0 
Settlements(0.3)(1.2)(3.7)
Statute expirations(5.2)(4.7)(2.8)
Foreign currency translation0.3 2.2 (0.3)
Balance at end of period$34.9 $36.4 $31.6