XML 64 R47.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Income from continuing operations before income taxes consists of the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
United States | $ | 48.0 |  |  | $ | 24.4 |  |  | $ | 8.2 |
Foreign | 37.2 |  |  | 10.2 |  |  | 33.5 |
Income from continuing operations before income taxes | $ | 85.2 |  |  | $ | 34.6 |  |  | $ | 41.7 |
Schedule of Components of Income Tax Expense (Benefit) | Significant components of income tax expense (benefit), net are as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | (0.2) |  |  | $ | 4.9 |  |  | $ | (3.2) |
State and local | 1.9 |  |  | 2.7 |  |  | (0.2) |
Foreign | 12.2 |  |  | 11.4 |  |  | 5.3 |
Total current | 13.9 |  |  | 19.0 |  |  | 1.9 |
Deferred: |  |  |  |  |
Federal | 7.5 |  |  | (2.0) |  |  | 3.8 |
State and local | (2.9) |  |  | (5.5) |  |  | 1.5 |
Foreign | (3.6) |  |  | (8.7) |  |  | — |
Total deferred | 1.0 |  |  | (16.2) |  |  | 5.3 |
Total income tax expense (benefit), net | $ | 14.9 |  |  | $ | 2.8 |  |  | $ | 7.2 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of income taxes computed at the U.S. federal statutory tax rate to income tax expense (benefit) is as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Income tax expense at U.S. statutory rate | $ | 17.9 |  |  | $ | 7.3 |  |  | $ | 8.7 |
State income taxes, net of federal tax benefit | (0.9) |  |  | (2.3) |  |  | 1.2 |
Foreign income, net of credit on foreign taxes | — |  |  | (1.3) |  |  | 0.7 |
Effective tax rate differential of earnings outside of U.S. | 2.4 |  |  | — |  |  | 2.1 |
Change in valuation allowance | (4.2) |  |  | 1.0 |  |  | 38.4 |
Research & experimentation credits | (1.0) |  |  | (0.9) |  |  | (0.8) |
Foreign derived intangible income | (0.2) |  |  | (1.2) |  |  | — |
Net non-deductible items | 1.2 |  |  | 2.3 |  |  | 0.4 |
Change in uncertain tax positions | (0.6) |  |  | — |  |  | 0.2 |
Share-based compensation | (1.7) |  |  | (2.8) |  |  | (3.3) |
Capital loss carryover | — |  |  | — |  |  | (29.7) |
Tax effect of 2017 tax reform federal rate change | (0.2) |  |  | — |  |  | (11.3) |
Tax effect of carryforward foreign tax credits | — |  |  | — |  |  | (0.6) |
Other items | 2.2 |  |  | 0.7 |  |  | 1.2 |
Income tax expense | $ | 14.9 |  |  | $ | 2.8 |  |  | $ | 7.2 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
| December 31,
| 2020 |  | 2019
Deferred tax assets: |  |  |
Accruals and reserves | $ | 15.7 |  |  | $ | 19.4 |
Pensions | 2.6 |  |  | 2.9 |
Inventory | 3.5 |  |  | 2.3 |
Share-based compensation | 4.4 |  |  | 5.3 |
Tax credit carryforwards | 10.6 |  |  | 15.5 |
Foreign net operating loss carryforwards | 22.4 |  |  | 24.4 |
State net operating loss carryforwards | 1.9 |  |  | 0.3 |
Capital loss carryover | — |  |  | 29.4 |
Convertible notes | 0.7 |  |  | 0.7 |
Operating leases | 8.1 |  |  | 8.5 |
Other – net | 7.4 |  |  | 5.5 |
Total deferred tax assets before valuation allowances | 77.3 |  |  | 114.2 |
Valuation allowances | (33.9) |  |  | (68.2) |
Total deferred tax assets, net of valuation allowances | $ | 43.4 |  |  | $ | 46.0 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | 27.8 |  |  | $ | 22.2 |
Goodwill and intangible assets | 69.1 |  |  | 74.9 |
Other – net | 5.2 |  |  | 1.0 |
Total deferred tax liabilities | $ | 102.1 |  |  | $ | 98.1 |
Net deferred tax liabilities | $ | 58.7 |  |  | $ | 52.1 |
The net deferred tax liability is classified as follows: |  |  |
Other assets | $ | (1.5) |  |  | $ | — |
Long-term deferred tax liabilities | 60.2 |  |  | 52.1 |
Net deferred tax liabilities | $ | 58.7 |  |  | $ | 52.1 |
Schedule of Reconciliation of Unrecognized Tax Benefits | The reconciliation of beginning to ending unrecognized tax benefits is as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Unrecognized tax benefits at beginning of the year | $ | 2.4 |  |  | $ | 2.3 |  |  | $ | 0.8 |
(Reductions) additions for tax positions taken during the prior period | (0.6) |  |  | (0.1) |  |  | 0.9 |
Additions for tax positions taken during the current period | 0.2 |  |  | 0.2 |  |  | 1.4 |
Reductions relating to settlements with taxing authorities | (0.1) |  |  | — |  |  | (0.8) |
Unrecognized tax benefits at end of the year | $ | 1.9 |  |  | $ | 2.4 |  |  | $ | 2.3 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration