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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Valuation Allowance [Line Items]

Schedule of Income before Income Tax, Domestic and Foreign

Domestic and Foreign Components of Income Before Income Taxes

		Year Ended December 31,
		2018				2017				2016
Domestic		$	194.8			$	41.8			$	27.9
Foreign		72.7				147.8				54.8
Total		$	267.5			$	189.6			$	82.7

Schedule of Components of Income Tax Expense (Benefit)

Provision (Benefit) for Income Taxes

		Year Ended December 31, 2018												Year Ended December 31, 2017												Year Ended December 31, 2016
		Current				Deferred				Total				Current				Deferred				Total				Current				Deferred				Total
U.S. federal		$	7.2			$	6.8			$	14.0			$	4.6			$	102.8			$	107.4			$	0.9			$	(1.3	)		$	(0.4	)
U.S. state and local		2.7				12.8				15.5				1.7				0.4				2.1				3.7				8.2				11.9
Foreign		38.2				(13.5		)		24.7				43.9				(11.5		)		32.4				49.4				(22.8		)		26.6
Total		$	48.1			$	6.1			$	54.2			$	50.2			$	91.7			$	141.9			$	54.0			$	(15.9	)		$	38.1

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation to U.S. Statutory Rate

		Year Ended December 31,
		2018							2017							2016
Statutory U.S. federal income tax rate (1)		$	56.2			21.0	%		$	66.4			35.0	%		$	29.0			35.0	%
Foreign income taxed at rates other than U.S. statutory rate		(24.8		)		(9.3	)		(56.2		)		(29.6	)		(45.6		)		(55.1	)
Changes in valuation allowances		(37.5		)		(14.0	)		45.3				23.9			9.6				11.6
Foreign exchange gain (loss), net		24.7				9.2			(17.7		)		(9.3	)		3.1				3.7
Unrecognized tax benefits		18.9				7.1			3.1				1.6			7.1				8.6
Foreign taxes		6.7				2.5			4.1				2.2			4.5				5.4
Non-deductible interest		4.8				1.8			9.8				5.2			6.7				8.1
Non-deductible expenses		3.8				1.4			4.6				2.4			4.7				5.7
Tax credits		(6.6		)		(2.4	)		(4.2		)		(2.2	)		(6.7		)		(8.1	)
Excess tax benefits relating to stock-based compensation		(6.6		)		(2.4	)		(13.1		)		(6.9	)		(13.4		)		(16.2	)
U.S. tax reform (2)		(12.5		)		(4.7	)		107.8				56.8			—				—
Venezuela deconsolidation and impairment		—				—			(2.0		)		(1.0	)		23.8				28.8
U.S. state and local taxes, net		1.8				0.7			1.3				0.7			7.8				9.4
Other - net (3)		25.3				9.4			(7.3		)		(4.0	)		7.5				9.2
Total income tax provision / effective tax rate		$	54.2			20.3	%		$	141.9			74.8	%		$	38.1			46.1	%

(1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company.

(2) Tax effect of the U.S. TCJA recorded under SAB 118.

(3)

In 2018, the Company recorded a tax charge of $17.6 million related to the remeasurement of net deferred tax assets in Netherlands due to the corporate tax rate reduction enacted into law, which is fully offset by a tax benefit of $17.6 million for the decrease to the valuation allowance.

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Balances

		Year Ended December 31,
		2018				2017
Deferred tax asset
Tax loss, credit and interest carryforwards		$	238.5			$	265.3
Compensation and employee benefits		80.1				86.0
Accruals and other reserves		25.5				33.9
Research and development capitalization		7.7				8.9
Equity investment and other securities		20.1				26.4
Other		3.0				10.9
Total deferred tax assets		$	374.9			431.4
Less: valuation allowance		(159.0		)		$	(214.2	)
Total deferred tax assets, net of valuation allowance		$	215.9			$	217.2
Deferred tax liabilities
Goodwill and intangibles		(17.4		)		(15.2		)
Property, plant and equipment		(144.7		)		(146.9		)
Unremitted earnings		(7.4		)		(7.4		)
Long-term debt		(2.4		)		(2.2		)
Total deferred tax liabilities		$	(171.9	)		$	(171.7	)
Net deferred tax asset		$	44.0			$	45.5
Non-current assets		184.8				198.4
Non-current liability		(140.8		)		(152.9		)
Net deferred tax asset		$	44.0			$	45.5

Summary of Tax Credit Carryforwards [Table Text Block]

Tax loss, tax credit and interest carryforwards		Year Ended December 31,
		2018				2017
Tax loss carryforwards (tax effected) (1)
Expire within 10 years		$	53.3			$	92.3
Expire after 10 years or indefinite carryforward		121.6				124.0
Tax credit carryforwards
Expire within 10 years		17.3				20.5
Expire after 10 years or indefinite carryforward		20.9				16.1
Interest carryforwards
Expire within 10 years		2.2				—
Expire after 10 years or indefinite carryforward		23.2				12.4
Total tax loss, tax credit and interest carryforwards		$	238.5			265.3

(1)

Net of unrecognized tax benefits

Summary of Valuation Allowance [Table Text Block]

Valuation allowance		Year Ended December 31,
		2018			2017
Non-U.S.		133.8			188.1
U.S.		25.2			26.1
Total valuation allowance		159.0			214.2

Schedule of Unrecognized Tax Benefits Roll Forward

Total Gross Unrecognized Tax Benefits

		Year Ended December 31,
		2018			2017			2016
Total gross unrecognized tax benefits at January 1		$17.2			$12.3			$4.7
Increases related to positions taken on items from prior years		3.4			1.9			—
Decreases related to positions taken on items from prior years		(1.8	)		—			(0.2	)
Increases related to positions taken in the current year (1)		18.2			3.0			7.8
Total gross unrecognized tax benefits at December 31		$37.0			$17.2			$12.3
Total accrual for interest and penalties associated with unrecognized tax benefits (2)		3.1			1.2			1.1
Total gross unrecognized tax benefits at December 31, including interest and penalties		$40.1			$18.4			$13.4
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate		25.2			9.7			8.5
Interest and penalties included as components of the "Provision (benefit) for income taxes"		1.9			0.1			0.3

(1) Of the $18.2 million 2018 increase related to positions taken in the current year, $10.6 million is the unrecognized tax benefit related to the announced closure of our manufacturing facility at our Mechelen, Belgium site.

(2)

Accrued interest and penalties are included within the related tax liability line in the balance sheet.

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- 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.

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