INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Loss from continuing operations before income taxes:
United States	$	(657.2)	$	(217.0)
Foreign	15.0		16.3
	$	(642.2)	$	(200.7)
Provision for income taxes:
United States federal	$	—	$	4.8
State and local	5.2		0.5
Foreign	26.5		0.9
	$	31.7	$	6.2
Current:
United States federal	$	—	$	4.8
State and local	0.2		1.4
Foreign	19.7		20.0
	$	19.9	$	26.2
Deferred:
United States federal	$	—	$	—
State and local	5.0		(0.9)
Foreign	6.8		(19.1)
	$	11.8	$	(20.0)
Total provision for income taxes	$	31.7	$	6.2

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,
	2022		2021
Computed income tax benefit	$	(134.9)	$	(42.1)
State and local taxes, net of U.S. federal income tax benefit	5.9		0.2
Foreign rate differential and other foreign adjustments	5.0		7.9
Net establishment of valuation allowance	110.3		25.2
Net establishment of uncertain tax positions	11.2		4.8
Foreign dividends and earnings taxable in the U.S.	5.1		6.2
Non-deductible Reorganization Costs	17.8		—
Other	11.3		4.0
Total provision for income taxes	$	31.7	$	6.2

Components of deferred Tax Assets and Liabilities

The Company's deferred tax assets and liabilities at December 31, 2022 and 2021 were comprised of the following:

	December 31,
	2022		2021
Deferred tax assets:
Inventories	$	16.3	$	15.8
Net operating loss carryforwards - U.S. (a)	162.9		192.9
Net operating loss carryforwards - foreign	47.8		59.3
Disallowed Interest Carryover - U.S.	208.0		89.0
Employee benefits	52.1		43.8
Sales-related reserves	12.2		13.6
Lease liability	15.9		24.1
Deferred revenue	16.5		16.9
Restructuring - debt refinancing	39.7		13.0
Other	74.3		76.8
Total gross deferred tax assets	645.7		545.2
Less valuation allowance	(527.6)		(401.9)
Total deferred tax assets, net of valuation allowance	$	118.1	$	143.3
Deferred tax liabilities:
Plant, equipment and other assets	(34.4)		(32.1)
Intangibles	(46.3)		(61.5)
Other	(6.3)		(7.9)
Total gross deferred tax liabilities	(87.0)		(101.5)
Net deferred tax assets	$	31.1	$	41.8

(a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2022 and December 31, 2021 were $149.6 million and $179.6 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, 2021	$	68.8	$	15.6	$	84.4
Increase based on tax positions taken in a prior year	1.6		3.5		5.1
Decrease based on tax positions taken in a prior year	(3.0)		(1.0)		(4.0)
Increase based on tax positions taken in the current year	7.1		—		7.1
Decrease resulting from the lapse of statutes of limitations	(3.6)		(2.0)		(5.6)
Balance at December 31, 2021	$	70.9	$	16.1	$	87.0
Increase based on tax positions taken in a prior year	5.7		3.9		9.6
Decrease based on tax positions taken in a prior year	(2.4)		(0.4)		(2.8)
Increase based on tax positions taken in the current year	9.2		—		9.2
Decrease resulting from the lapse of statutes of limitations	(4.3)		(1.4)		(5.7)
Balance at December 31, 2022	$	79.1	$	18.2	$	97.3