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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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)			2020						2019						2018
Domestic			$	(36.5)					$	(227.4)					$	(234.9)
Foreign			766.3						882.4						843.3
Total			$	729.8					$	655.0					$	608.4

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)			2020						2019						2018
Current:
Federal			$	24.9					$	(12.0)					$	25.1
Foreign			91.7						77.0						90.0
State			0.7						0.4						(0.4)
Total current			$	117.3					$	65.4					$	114.7
Deferred:
Federal			$	15.0					$	(1.2)					$	(4.4)
Foreign			7.7						42.7						(30.4)
State			10.9						4.6						(9.1)
Total deferred			$	33.6					$	46.1					$	(43.9)
Total			$	150.9					$	111.5					$	70.8

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)			2020						2019						2018
U.S. Federal statutory rate			$	153.3					$	137.5					$	127.8
Impacts of Tax Cuts and Jobs Act Enactment (1)			—						—						7.8
Foreign earnings subject to different tax rates (2)			(127.6)						(137.7)						(154.9)
State and local income taxes, less federal income tax benefit			2.7						(2.9)						1.4
Research and development and miscellaneous tax credits			(6.2)						(3.8)						(3.7)
Tax on dividends, deemed dividends, and GILTI (3)			46.5						46.8						45.5
Changes to unrecognized tax benefits			5.8						(5.4)						2.7
Nondeductible expenses			5.5						3.5						12.4
Change in valuation allowance (4)			52.1						49.9						7.4
Exchange gains and losses (5)			(2.1)						(2.1)						5.7
Other			20.9						25.7						18.7
Total Tax Provision			$	150.9					$	111.5					$	70.8

____________________ 

(1)    The tax impacts of the Tax Cuts and Jobs Act ("the Act") were completed in 2018 as permitted by Staff Accounting Bulletin 118.

(2)    A significant amount of our earnings is generated by our foreign subsidiaries (e.g., Singapore, Hong Kong, and Switzerland), which tax earnings at lower statutory rates than the United States federal statutory rate. Our future effective tax rates may be materially impacted by a future change in the composition of earnings from foreign and domestic tax jurisdictions.

(3)    The years ended December 31, 2020, 2019 and 2018 includes tax expense of $40.7 million, $41.6 million and $43.8 million, respectively, associated with the global intangible low-taxed income (GILTI) provisions of the Act.

(4)    The year ended December 31, 2020 is primarily related to net operating losses with our Brazil operations. The year ended December 31, 2019 is primarily related to net operating losses with limited carryforward associated with our India operations.

(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)			2020						2019
Reserves for discontinued operations, environmental and restructuring			$	161.7					$	188.3
Accrued pension and other postretirement benefits			1.8						2.4
Capital loss, foreign tax and other credit carryforwards			5.5						7.5
Net operating loss carryforwards			311.4						227.0
Deferred expenditures capitalized for tax			39.6						18.7
Other			163.3						163.6
Deferred tax assets			$	683.3					$	607.5
Valuation allowance, net			(335.6)						(303.3)
Deferred tax assets, net of valuation allowance			$	347.7					$	304.2
Intangibles, Property, plant and equipment, and Investments, net			468.1						380.0
Deferred tax liabilities			$	468.1					$	380.0
Net deferred tax assets (liabilities)			$	(120.4)					$	(75.8)

Summary of Income Tax Contingencies

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

(in Millions)			2020						2019						2018
Balance at beginning of year			$	68.2					$	79.1					$	84.0
Increases related to positions taken in the current year			1.1						4.1						11.8
Increases and decreases related to positions taken in prior years			25.7						3.4						(1.8)
Decreases related to lapse of statutes of limitations			(18.8)						(13.0)						(13.5)
Settlements during the current year			—						(2.8)						(1.4)
Decreases for tax positions on dispositions			—						(2.6)						—
Balance at end of year (1)			$	76.2					$	68.2					$	79.1

____________________ 

(1)    At December 31, 2020, 2019, and 2018 we recognized an offsetting non-current asset of $27.4 million, $34.0 million, and $45.3 million respectively, relating to the indirect income tax benefits associated with specific uncertain tax positions presented above.

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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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