INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Before Income Taxes and Provision for Income Taxes

The Company's income before income taxes and the applicable provision for income taxes are as follows:

	Year Ended December 31,
	2020		2019
Loss from continuing operations before income taxes:
United States	$	(357.0)	$	(293.0)
Foreign	(103.2)		128.0
	$	(460.2)	$	(165.0)
Provision for income taxes:
United States federal	$	143.5	$	(23.2)
State and local	8.1		7.0
Foreign	7.2		16.4
	$	158.8	$	0.2
Current:
United States federal	$	3.5	$	5.8
State and local	1.8		(1.8)
Foreign	(2.0)		26.0
	$	3.3	$	30.0
Deferred:
United States federal	$	140.1	$	(29.0)
State and local	6.3		8.8
Foreign	9.1		(9.6)
	$	155.5	$	(29.8)
Total provision for income taxes	$	158.8	$	0.2

Reconciliation of Statutory Federal Income Tax Rate

The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate in the following table:

	Year Ended December 31,
	2020		2019
Computed income tax benefit	$	(96.6)	$	(34.6)
State and local taxes, net of U.S. federal income tax benefit	1.8		(3.3)
Foreign rate differential and other foreign adjustments	23.8		(5.4)
Net establishment of valuation allowance	193.7		19.1
Net establishment of uncertain tax positions	4.4		0.7
Foreign dividends and earnings taxable in the U.S.	7.9		23.2
Impairment for which there is no tax benefit	17.0		—
Other	6.8		0.5
Total provision for income taxes	$	158.8	$	0.2

Components of deferred Tax Assets and Liabilities

The Company's deferred tax assets and liabilities at December 31, 2020 and 2019 were comprised of the following:

	December 31,
	2020		2019
Deferred tax assets:
Inventories	$	19.0	$	19.8
Net operating loss carryforwards - U.S. (a)	174.5		165.5
Net operating loss carryforwards - foreign	51.4		55.0
Disallowed Interest Carryover - U.S.	61.2		63.1
Employee benefits	58.1		64.3
Sales-related reserves	16.2		20.4
Lease liability	26.6		20.3
Deferred revenue	17.2		0.1
Restructuring - debt refinancing	14.2		—
Other	58.8		55.4
Total gross deferred tax assets	497.2		463.9
Less valuation allowance	(369.4)		(163.3)
Total deferred tax assets, net of valuation allowance	127.8		$	300.6
Deferred tax liabilities:
Plant, equipment and other assets	(34.9)		$	(43.9)
Intangibles	(62.8)		(73.3)
Other	(7.6)		(8.1)
Total gross deferred tax liabilities	(105.3)		(125.3)
Net deferred tax assets	22.5		$	175.3

(a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2020 and December 31, 2019 were $158.9 million and $146.1 million, respectively.

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of the unrecognized tax benefits is provided in the following table:

	Tax		Interest and Penalties		Total
Balance at January 1, 2019	$	64.9	$	9.8	74.7
Increase based on tax positions taken in a prior year	0.3		3.4		3.7
Decrease based on tax positions taken in a prior year	(2.2)		(0.3)		(2.5)
Increase based on tax positions taken in the current year	7.1		—		7.1
Decrease resulting from the lapse of statutes of limitations	(3.8)		(1.2)		(5.0)
Balance at December 31, 2019	$	66.3	$	11.7	$	78.0
Increase based on tax positions taken in a prior year	3.5		6.4		9.9
Decrease based on tax positions taken in a prior year	(3.3)		(1.0)		(4.3)
Increase based on tax positions taken in the current year	5.5		—		5.5
Decrease resulting from the lapse of statutes of limitations	(3.2)		(1.5)		(4.7)
Balance at December 31, 2020	$	68.8	$	15.6	$	84.4