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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of income before income tax

Income (loss) before income taxes for the Company’s U.S. and non-U.S. operations was as follows:

(In millions)						2020						2019						2018
U.S.						$	(1,505.4)					$	190.2					$	190.8
Non-U.S.						23.5						51.4						56.9
Income (loss) before income taxes						$	(1,481.9)					$	241.6					$	247.7

Schedule income tax provision (benefit)

The income tax provision (benefit) was as follows:

(In millions)						2020						2019						2018
Current:
Federal						$	0.6					$	2.2					$	1.0
State						(1.1)						0.2						(0.8)
Foreign						6.7						8.1						10.1
Total						6.2						10.5						10.3
Deferred:
Federal						26.6						(4.6)						1.3
State						47.1						(40.4)						(0.5)
Foreign						(2.2)						6.0						(0.1)
Total						71.5						(39.0)						0.7
Income tax provision (benefit)						$	77.7					$	(28.5)					$	11.0

Schedule of effective income tax rate reconciliation

The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit):

(In millions)						2020						2019						2018
Taxes computed at the federal rate						$	(311.2)					$	50.7					$	52.0
Goodwill impairment						50.4						—						—
State and local income taxes, net of federal tax benefit						(0.2)						0.3						(0.5)
Valuation allowance						335.5						(90.1)						(48.0)
Repatriation of foreign earnings (GILTI )						0.2						3.5						5.4
Restructuring						—						4.2						—
Impacts of U.S. Tax Act						—						—						5.9
Foreign earnings taxed at different rate						1.7						2.7						3.2
Adjustment to prior years’ taxes						—						—						(5.8)
Withholding taxes						2.1						2.7						2.7
Preferential tax rate						(4.6)						(4.1)						(4.8)
Other						3.8						1.6						0.9
Income tax provision (benefit)						$	77.7					$	(28.5)					$	11.0

Schedule of deferred tax assets and liabilities

Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 31, 2020 and 2019 were as follows:

(In millions)						2020						2019
Deferred income tax assets
Net operating loss tax carryovers						$	309.4					$	264.4
Pensions						153.8						155.5
Postretirement benefits other than pensions						86.5						83.8
Tax credits						37.7						42.6
Other items						82.9						86.1
Gross deferred income tax assets						670.3						632.4
Valuation allowance for deferred tax assets						(461.8)						(94.5)
Total deferred income tax assets						208.5						537.9
Deferred income tax liabilities
Bases of property, plant and equipment						119.2						364.2
Inventory valuation						53.3						65.5
Bases of amortizable intangible assets						12.5						23.7
Other items						35.9						27.0
Total deferred tax liabilities						220.9						480.4
Net deferred tax asset (liability)						$	(12.4)					$	57.5

Schedule of NOL's and tax credits

The following summarizes the carryforward periods for the tax attributes related to NOLs and credits by jurisdiction.

($ in millions, U.S. and U.K. NOL amounts are pre-tax and all other items are after-tax)
Jurisdiction			Attribute			Amount			Expiration Period			Amount expiring within 5 years			Amount expiring in 5-20 years
U.S.			NOL			$800			20 years			$—			$800
U.S.			NOL			$126			Indefinite			$—			$—
U.S.			Foreign Tax Credit			$22			10 years			$5			$17
U.S.			Research and Development Credit			$4			20 years			$—			$4
State			NOL			$146			Various			$31			$115
State			NOL			$1			Indefinite			$—			$—
State			Credits			$11			Various			$3			$8
U.K.			NOL			$39			Indefinite			$—			$—
Poland			Economic Zone Credit			$3			7 years			$—			$3

Schedule of income taxes paid

Income taxes paid and amounts received as refunds were as follows:

(In millions)						2020						2019						2018
Income taxes paid						$	7.8					$	15.1					$	9.7
Income tax refunds received						(2.5)						(9.2)						(1.6)
Income taxes paid, net						$	5.3					$	5.9					$	8.1

Schedule of changes in unrecognized income tax benefits

The changes in the liability for unrecognized income tax benefits for the years ended December 31, 2020, 2019 and 2018 were as follows:

(In millions)						2020						2019						2018
Balance at beginning of year						$	14.4					$	14.7					$	14.7
Increases in prior period tax positions						—						—						—
Decreases in prior period tax positions						—						—						(0.1)
Increases in current period tax positions						2.7						0.9						0.7
Expiration of the statute of limitations						(1.9)						(1.2)						(0.6)
Settlements						—						—						—
Balance at end of year						$	15.2					$	14.4					$	14.7

Summary of income tax examinations

A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:

Jurisdiction						Earliest Year Open to Examination
U.S. Federal						2019
States:
Pennsylvania						2017
Foreign:
China						2017
Poland						2014
United Kingdom						2018

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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