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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Pre-tax Income Attributable to Operating Segments

The following sets forth the amount of income before income taxes attributable to each of the Company's geographies for the years ended December 31, 2020, 2019 and 2018:

			Year Ended December 31,
(in millions)			2020						2019						2018
Income before income taxes:
United States			$	319.5					$	150.9					$	59.2
Rest of the world			132.9						114.6						105.8
			$	452.4					$	265.5					$	165.0

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The Company's effective income tax provision differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following:

			Year Ended December 31,
			2020												2019												2018
(dollars in millions)			Amount						Percentage of Income Before Income Taxes						Amount						Percentage of Income Before Income Taxes						Amount						Percentage of Income Before Income Taxes
Statutory U.S. federal income tax			$	95.0					21.0		%				$	55.8					21.0		%				$	34.6					21.0		%
State income taxes, net of federal benefit			9.9						2.2		%				8.7						3.3		%				1.8						1.1		%
Foreign tax differential			2.8						0.6		%				2.1						0.8		%				2.5						1.5		%
Change in valuation allowances			5.5						1.2		%				(8.6)						(3.2)		%				(17.7)						(10.7)		%
Uncertain tax positions and interest			0.5						0.1		%				2.4						0.9		%				33.1						20.1		%
Subpart F income			3.3						0.7		%				1.8						0.7		%				(0.8)						(0.5)		%
Global Intangible Low-Taxed Income (“GILTI”)			—						—						9.2						3.4		%				7.4						4.5		%
GILTI High-Taxed Exception			(8.6)						(1.9)		%				—						—						—						—
Stock compensation			(10.9)						(2.4)		%				0.9						0.3		%				0.8						0.5		%
Transition Tax			—						—						—						—						(6.8)						(4.1)		%
Permanent and other			5.1						1.2		%				2.4						0.9		%				(5.3)						(3.3)		%
Effective income tax provision			$	102.6					22.7		%				$	74.7					28.1		%				$	49.6					30.1		%

Summary of Tax Provision

The income tax provision consisted of the following:

			Year Ended December 31,
(in millions)			2020						2019						2018
Current provision
Federal			$	55.1					$	50.4					$	(14.6)
State			17.3						11.9						1.1
Foreign			38.8						19.5						57.1
Total current			$	111.2					$	81.8					$	43.6
Deferred provision
Federal			$	(3.4)					$	(10.8)					$	11.4
State			(3.4)						(8.0)						(4.5)
Foreign			(1.8)						11.7						(0.9)
Total deferred			(8.6)						(7.1)						6.0
Total income tax provision			$	102.6					$	74.7					$	49.6

Deferred Tax Assets and Liabilities Recognized in the Consolidated Balance Sheets

The net deferred tax assets and liabilities recognized in the accompanying Consolidated Balance Sheets, determined using the income tax rate applicable to each period in which those items will reverse, consist of the following:

			December 31,
(in millions)			2020						2019
Deferred tax assets:
Stock-based compensation			$	21.6					$	13.9
Operating lease obligations			92.9						67.2
Accrued expenses and other			55.1						62.5
Net operating losses, foreign tax credits and other tax attribute carryforwards			50.6						43.1
Inventories			11.1						8.2
Transaction costs			6.0						6.6
Property, plant and equipment			2.5						2.9
Total deferred tax assets			239.8						204.4
Valuation allowances			(33.5)						(30.0)
Total net deferred tax assets			$	206.3					$	174.4
Deferred tax liabilities:
Intangible assets			$	(150.7)					$	(156.4)
Operating lease right-of-use assets			(82.3)						(63.9)
Property, plant and equipment			(34.3)						(36.9)
Accrued expenses and other			(15.9)						(5.2)
Total deferred tax liabilities			(283.2)						(262.4)
Net deferred tax liabilities			$	(76.9)					$	(88.0)

Summary of Operating Loss and Tax Credit Carryforwards

Included in the calculation of the Company's deferred tax assets are the following gross income tax attributes available at December 31, 2020 and 2019, respectively:

(in millions)			2020						2019
State net operating losses (“SNOLs”)			$	157.0					$	165.7
U.S. federal foreign tax credits (“FTCs”)			12.2						12.2
U.S. state income tax credits ("SITCs")			4.9						5.3
Foreign net operating losses (“FNOLs”)			54.1						36.9
Charitable contribution carryover ("CCCs")			23.6						32.9

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)
Balance as of December 31, 2018			$	103.8
Additions based on tax positions related to 2019			—
Additions for tax positions of prior years			0.7
Expiration of statutes of limitations			—
Settlements of uncertain tax positions with tax authorities			—
Balance as of December 31, 2019			$	104.5
Additions based on tax positions related to 2020			—
Additions for tax positions of prior years			14.1
Expiration of statutes of limitations			—
Settlements of uncertain tax positions with tax authorities			—
Balance as of December 31, 2020			$	118.6

Schedule of Balance Sheet Location

The uncertain income tax liabilities for the Danish Tax Matter Settlement Years and for the 2012 to Current Period are reflected in the Company Consolidated Balance Sheet as per below:

												December 31, 2020												December 31, 2019
Period						Balance Sheet Presentation						DKK						USD						DKK						USD
Settlement Years						Accrued expenses and other current liabilities						847.3						$	139.1					847.3						$	127.2
2012 to Current Period						Other non-current liabilities						295.0						48.4						263.3						39.5
						Total						1,142.3						$	187.5					1,110.6						$	166.7

The above Value Added Tax refunds withheld and the tax deposits made are reflected in the Company's Consolidated Balance Sheet (translated at the exchange rates on December 31, 2020 and December 31, 2019), as per below:

			December 31, 2020												December 31, 2019
			DKK						USD						DKK						USD
Prepaid expenses and other current assets			847.3						$	139.1					847.3						$	127.2
Other non-current assets			333.6						54.8						122.8						18.4
Total			1,180.9						$	193.9					970.1						$	145.6

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