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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Summary Of Components Of Provision For Income Taxes From Continuing Operations

The following table summarizes components of our provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2019 (in millions):

	2019				2018				2017
Current income tax expense (benefit):
U.S.	$	31.3			$	(19.9	)		$	(2.2	)
Non-U.S.	73.2				52.9				56.4
	104.5				33.0				54.2
Deferred income tax expense:
U.S.	19.7				52.9				36.0
Non-U.S.	4.2				3.7				19.0
	23.9				56.6				55.0
Total income tax expense	$	128.4			$	89.6			$	109.2

Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)

The following table summarizes significant components of deferred income tax assets and liabilities as of December 31, 2019 and 2018 (in millions):

		2019				2018
Deferred tax assets:
Net operating loss carryforwards		$	1,546.7			$	148.4
Net capital loss carryforwards		998.0				—
Foreign tax credits		142.9				123.6
Interest limitation carryforwards		41.5				40.2
Premiums on long-term debt		—				23.8
Employee benefits, including share-based compensation		73.9				15.4
Deferred revenue		0.1				10.3
Other		11.6				14.5
Total deferred tax assets		2,814.7				376.2
Valuation allowance		(2,588.7		)		(316.0		)
Net deferred tax assets		226.0				60.2
Deferred tax liabilities:
Property and equipment		(156.0		)		(54.5		)
Net discounts on long-term debt		(49.5		)		—
Deferred U.S. tax on foreign income		(36.7		)		(31.5		)
Other		(23.7		)		(9.0		)
Total deferred tax liabilities		(265.9		)		(95.0		)
Net deferred tax asset (liability)		$	(39.9	)		$	(34.8	)

Summary Of Effective Income Tax Rate On Continuing Operations

Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2019, differs from the U.K. statutory income tax rate as follows:

	2019			2018			2017
U.K. statutory income tax rate	19.0	%		19.0	%		19.2	%
Non-U.K. taxes	(280.9	)		(18.0	)		(40.4	)
Bargain purchase gain	189.7			(.2	)		13.8
Valuation allowance	(145.1	)		(16.9	)		(18.0	)
Debt repurchases	48.7			(1.6	)		(2.8	)
Asset impairments	(31.0	)		(1.4	)		(17.1	)
U.S. tax reform	(21.6	)		2.2			(8.4	)
Restructuring transaction	7.9			1.7			—
Other	12.0			(1.4	)		(2.0	)
Effective income tax rate	(201.3	)%		(16.6	)%		(55.7	)%

Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2019 and 2018 is as follows (in millions):

		2019				2018
Balance, beginning of year		$	143.0			$	147.6
Increases in unrecognized tax benefits as a result of the Rowan Transaction		149.9				—
Increases in unrecognized tax benefits as a result       of tax positions taken during the current year		17.8				6.5
Impact of foreign currency exchange rates		(.3		)		(5.0		)
Lapse of applicable statutes of limitations		(4.4		)		(4.5		)
Increase in unrecognized tax benefits as a result       of tax positions taken during prior years		1.1				2.5
Decreases in unrecognized tax benefits as a result     of tax positions taken during prior years		(2.4		)		(3.8		)
Settlements with taxing authorities		(8.0		)		(.3		)
Balance, end of year		$	296.7			$	143.0

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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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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.

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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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