XML 60 R45.htm IDEA: XBRL DOCUMENT
v3.19.2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and foreign components of income (loss) from continuing operations before income taxes are shown below:
| Year Ended December 31,
(in Millions) | 2018 |  | 2017 |  | 2016
Domestic | $ | (234.9 | ) |  | $ | (201.4 | ) |  | $ | (72.7 | )
Foreign | 843.3 |  |  | 297.2 |  |  | 184.3 |
Total | $ | 608.4 |  |  | $ | 95.8 |  |  | $ | 111.6 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes attributable to income (loss) from continuing operations consisted of:
| Year Ended December 31,
(in Millions) | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |
Federal (1) | $ | 25.1 |  |  | $ | 61.9 |  |  | $ | (34.2 | )
Foreign | 90.0 |  |  | 49.9 |  |  | 19.5 |
State | (0.4 | ) |  | 4.1 |  |  | (0.2 | )
Total current | $ | 114.7 |  |  | $ | 115.9 |  |  | $ | (14.9 | )
Deferred: |  |  |  |  |
Federal (2) | $ | (4.4 | ) |  | $ | 127.8 |  |  | $ | 27.7 |
Foreign | (30.4 | ) |  | (14.4 | ) |  | 9.2 |
State | (9.1 | ) |  | (0.4 | ) |  | 16.2 |
Total deferred | $ | (43.9 | ) |  | $ | 113.0 |  |  | $ | 53.1 |
Total | $ | 70.8 |  |  | $ | 228.9 |  |  | $ | 38.2 |
____________________
(1) | The years ended December 31, 2018 and December 31, 2017 i nclude the one-time impacts of the of the Act, primarily related to transition tax, further discussed above within Note 12.
(2) The years ended December 31, 2018 and December 31, 2017 i nclude the one-time impacts of the Act, primarily related to the measurement of the Company’s U.S. domestic net deferred tax assets, further discussed above within Note 12.
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate applicable to income from continuing operations before income taxes was different from the statutory U.S. federal income tax rate due to the factors listed in the following table:
| Year Ended December 31,
(in Millions) | 2018 |  | 2017 |  | 2016
U.S. Federal statutory rate (1) | $ | 127.8 |  |  | $ | 33.5 |  |  | $ | 39.1 |
Impacts of Tax Cuts and Jobs Act Enactment (2) | 7.8 |  |  | 303.6 |  |  | — |
Foreign earnings subject to different tax rates (3) | (154.9 | ) |  | (74.5 | ) |  | (48.0 | )
Capital loss on internal restructuring | — |  |  | (45.3 | ) |  | — |
State and local income taxes, less federal income tax benefit | 1.4 |  |  | (1.5 | ) |  | 16.0 |
Manufacturer's production deduction and miscellaneous tax credits | (3.7 | ) |  | (8.4 | ) |  | 0.8 |
Tax on dividends, deemed dividends, and GILTI (4) | 45.5 |  |  | 10.6 |  |  | 1.8 |
Changes to unrecognized tax benefits | 2.7 |  |  | 6.7 |  |  | 4.4 |
Nondeductible expenses | 12.4 |  |  | 14.2 |  |  | 5.6 |
Change in valuation allowance | 7.4 |  |  | (29.3 | ) |  | 16.0 |
Exchange gains and losses (5) | 5.7 |  |  | 28.1 |  |  | (9.4 | )
Other | 18.7 |  |  | (8.8 | ) |  | 11.9 |
Total Tax Provision | $ | 70.8 |  |  | $ | 228.9 |  |  | $ | 38.2 |
____________________
(1) | The year ended December 31, 2018 includes twelve months of earnings associated with the operations of the DuPont Crop Protection Business acquired November 1, 2017. See Note 4 for additional information.
(2) | Includes the one-time impacts of the of the Act, primarily related to transition tax and the decrease to the U.S. tax rate, further discussed above within Note 12.
(3) | The year ended December 31, 2018 reflects the income mix associated with twelve months of foreign earnings of the DuPont Crop Protection business acquired November 1, 2017.
(4) | The year ended December 31, 2018 includes tax expense of $43.8 million associated with the GILTI provisions of the Act.
(5) Includes the impact of transaction gains or losses on net monetary assets for which no corresponding tax expense or benefit is realized and the tax provision for statutory taxable gains or losses in foreign jurisdictions for which there is no corresponding amount in income before taxes.
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were attributable to:
| December 31,
(in Millions) | 2018 |  | 2017
Reserves for discontinued operations, environmental and restructuring | $ | 148.7 |  |  | $ | 99.4 |
Accrued pension and other postretirement benefits | 2.1 |  |  | 17.3 |
Capital loss, foreign tax and other credit carryforwards | 6.0 |  |  | 4.0 |
Net operating loss carryforwards | 219.3 |  |  | 206.6 |
Deferred expenditures capitalized for tax | 15.2 |  |  | 4.0 |
Other | 143.3 |  |  | 150.7 |
Deferred tax assets | $ | 534.6 |  |  | $ | 482.0 |
Valuation allowance, net | (261.4 | ) |  | (272.0 | )
Deferred tax assets, net of valuation allowance | $ | 273.2 |  |  | $ | 210.0 |
Intangibles and property, plant and equipment, net | 331.2 |  |  | 126.1 |
Deferred tax liabilities | $ | 331.2 |  |  | $ | 126.1 |
Net deferred tax assets (liabilities) | $ | (58.0 | ) |  | $ | 83.9 |
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in Millions) | 2018 |  | 2017 |  | 2016
Balance at beginning of year | $ | 84.0 |  |  | $ | 111.6 |  |  | $ | 97.1 |
Increases related to positions taken in the current year | 11.8 |  |  | 9.4 |  |  | 22.3 |
Increases and decreases related to positions taken in prior years | (1.8 | ) |  | (4.6 | ) |  | 2.6 |
Decreases related to lapse of statutes of limitations | (13.5 | ) |  | (14.2 | ) |  | (10.2 | )
Settlements during the current year | (1.4 | ) |  | (0.3 | ) |  | (0.2 | )
Decreases for tax positions on dispositions | — |  |  | (17.9 | ) |  | — |
Balance at end of year (1) | $ | 79.1 |  |  | $ | 84.0 |  |  | $ | 111.6 |
____________________ (1) At December 31, 2018, 2017, and 2016 we recognized an offsetting non-current deferred asset of $45.3 million, $59.8 million, and $74.4 million respectively, relating to specific uncertain tax positions presented above.

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=26873400&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