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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes And Minority Interests

The Company's geographic sources of income (loss) before income taxes and non-controlling interest are as follows (in millions):

			Year ended December 31,
			2019						2018						2017
United States			$	(308.2)					$	(181.8)					$	(270.1)
Foreign			584.8						936.8						817.6
			$	276.6					$	755.0					$	547.5

Provision (Benefit) For Income Taxes

The Company's provision (benefit) for income taxes is as follows (in millions):

			Year ended December 31,
			2019						2018						2017
Current:
Federal			$	1.2					$	(2.0)					$	26.3
State and local			—						(2.2)						0.2
Foreign			48.5						55.3						53.1
			49.7						51.1						79.6
Deferred:
Federal			(5.0)						99.4						(356.3)
State and local			—						—						0.4
Foreign			18.0						(25.4)						10.8
			13.0						74.0						(345.1)
Total provision (benefit)			$	62.7					$	125.1					$	(265.5)

Reconciliation Of The U.S. Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate is as follows:

						Year ended December 31,
						2019						2018						2017
U.S. federal statutory rate						21.0		%				21.0		%				35.0		%
Increase (decrease) resulting from:
State and local taxes, net of federal tax benefit						(2.6)						(1.0)						2.2
Impact of U.S. Tax Reform and related effects (1)						—						4.7						(82.2)
Impact of foreign operations						3.8						(1.2)						(1.5)
Impact of U.S. tax method changes (2)						—						(6.4)						—
Change in valuation allowance and related effects (3) (4)						1.8						0.6						0.4
Non-deductible share-based compensation costs						(0.5)						(0.5)						(1.6)
U.S. federal R&D credit						(3.7)						(1.1)						(1.5)
Nondeductible officer compensation						1.5						0.4						0.8
Other						1.4						0.1						(0.1)
Total						22.7		%				16.6		%				(48.5)		%

(1) For the year ended December 31, 2018, this primarily included expense of $31.8 million, or 4.2%, related to the recognition of the Company's deferred tax liability for undistributed prior years' earnings of the Company's foreign subsidiaries, $1.8 million, or 0.3% related to the limitation on deductibility of prior years’ executive compensation, and $1.5 million, or 0.2% related to the impact of the mandatory repatriation tax. These adjustments were made pursuant to SAB 118. For the year ended December 31, 2017, this included the benefit of $744.1 million, or 135.9% for the reduction in the Company's deferred tax liability for undistributed current and prior years' earnings of the Company's foreign subsidiaries and the benefit of $33.0 million, or 6.0% for the release of valuation allowance on federal foreign tax credit carryforwards which were utilized against the mandatory repatriation tax. These benefits were offset by the expense for the mandatory repatriation tax, net of unrecognized tax benefits, of $207.1 million, or 37.8% and expense related to the change in the federal rate from 35% to 21% of $120.1 million, or 21.9% on the Company's remaining net federal deferred tax asset balances.

(2) For the year ended December 31, 2018, this included a one-time benefit of $48.2 million, or 6.4%, related to U.S. tax method changes made during the year that impacted the Company’s GILTI inclusion.

(3) For the year ended December 31, 2019, this included an expense of $11.2 million, or 4.0%, primarily related to the write-off of Hong Kong net operating loss (“NOL") and expiration of Japan NOL, netted with the offsetting benefit of $11.2 million, or 4.0%, primarily for the decrease in related valuation allowance for those same Hong Kong and Japan net operating losses. For the year ended December 31, 2018, this included an expense of $135.2 million, or 17.9%, primarily related to the expiration of Japan net operating losses, netted with the offsetting benefit of $135.2 million, or 17.9%, primarily for the decrease in the related valuation allowance for those same Japan net operating losses.

(4) For the year ended December 31, 2017, the Company included the benefit related to the change in valuation allowance on federal foreign tax credits which were previously set to expire unutilized but were utilized against the expense related to the mandatory repatriation tax of $33.0 million or 6.0%, in the line “Impact of U.S. Tax Reform and related effects”

Tax Effects Of Temporary Differences

The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the net deferred tax asset (liability) are as follows (in millions):

						As of December 31,
						2019						2018
Net operating loss and tax credit carryforwards						$	612.9					$	584.9
163 (j) interest expense carryforward						49.3						—
Tax-deductible goodwill and amortizable intangibles						(48.6)						(29.4)
Capitalization of research and development expenses						42.7						—
Reserves and accruals						27.5						57.4
Property, plant and equipment						(81.2)						(63.5)
Inventories						22.0						20.2
Undistributed earnings of foreign subsidiaries						(63.7)						(48.7)
Share-based compensation						10.3						7.7
Pension						26.3						24.3
Other						8.0						6.0
Deferred tax assets and liabilities before valuation allowance						605.5						558.9
Valuation allowance						(357.9)						(347.5)
Net deferred tax asset						$	247.6					$	211.4

Activity For Unrecognized Gross Tax Benefits

The activity for unrecognized gross tax benefits is as follows (in millions):

			2019						2018						2017
Balance at beginning of year			$	112.2					$	114.8					$	136.7
Acquired balances			15.5						—						—
Additions for tax benefits related to the current year			9.4						7.4						23.6
Additions for tax benefits of prior years			8.0						2.8						4.7
Reductions for tax benefits of prior years			(0.2)						(1.9)						(1.6)
Lapse of statute			(8.2)						(10.9)						(16.3)
Settlements			(6.7)						—						(4.9)
Change in rate due to U.S. Tax Reform			—						—						(27.4)
Balance at end of year			$	130.0					$	112.2					$	114.8

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