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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 (in millions):
| 2020 |  | 2019 |  | 2018
Current income tax expense (benefit): |  |  |  |  |
U.S. | $ | (135.3) |  |  | $ | 31.3 |  |  | $ | (19.9) |
Non-U.S. | (18.4) |  |  | 73.2 |  |  | 52.9 |
| (153.7) |  |  | 104.5 |  |  | 33.0 |
Deferred income tax expense (benefit): |  |  |  |  |
U.S. | (92.9) |  |  | 19.7 |  |  | 52.9 |
Non-U.S. | (12.8) |  |  | 4.2 |  |  | 3.7 |
| (105.7) |  |  | 23.9 |  |  | 56.6 |
Total income tax expense (benefit) | $ | (259.4) |  |  | $ | 128.4 |  |  | $ | 89.6 |
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, 2020 and 2019 (in millions):
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 2,272.2 |  |  | $ | 1,546.7 |
Interest limitation carryforwards |  | 221.2 |  |  | 41.5 |
Foreign tax credits |  | 171.2 |  |  | 142.9 |
Premiums on long-term debt |  | 115.7 |  |  | — |
Employee benefits, including share-based compensation |  | 81.6 |  |  | 73.9 |
Deferred revenue |  | 1.3 |  |  | .1 |
Net capital loss carryforwards |  | — |  |  | 998.0 |
Other |  | 5.5 |  |  | 11.6 |
Total deferred tax assets |  | 2,868.7 |  |  | 2,814.7 |
Valuation allowance |  | (2,787.7) |  |  | (2,588.7) |
Net deferred tax assets |  | 81.0 |  |  | 226.0 |
Deferred tax liabilities: |  |  |  |
Property and equipment |  | (40.9) |  |  | (156.0) |
Net discounts on long-term debt |  | — |  |  | (49.5) |
Deferred U.S. tax on foreign income |  | — |  |  | (36.7) |
Other |  | (11.2) |  |  | (23.7) |
Total deferred tax liabilities |  | (52.1) |  |  | (265.9) |
Net deferred tax asset (liability) |  | $ | 28.9 |  |  | $ | (39.9) |
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, 2020, differs from the U.K. statutory income tax rate as follows:
| 2020 |  | 2019 |  | 2018
U.K. statutory income tax rate | 19.0 | % |  | 19.0 | % |  | 19.0 | %
Asset impairments | (12.5) |  |  | (31.0) |  |  | (1.4) |
Non-U.K. taxes | (2.8) |  |  | (280.9) |  |  | (18.0) |
U.S. tax reform and U.S. CARES Act | 2.4 |  |  | (21.6) |  |  | 2.2 |
Valuation allowance | (1.5) |  |  | (145.1) |  |  | (16.9) |
Restructuring transactions | 1.3 |  |  | 7.9 |  |  | 1.7 |
Bargain purchase gain | — |  |  | 189.7 |  |  | (.2) |
Debt repurchases | — |  |  | 48.7 |  |  | (1.6) |
Other | (.8) |  |  | 12.0 |  |  | (1.4) |
Effective income tax rate | 5.1 | % |  | (201.3) | % |  | (16.6) | %
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, 2020 and 2019 is as follows (in millions):
|  | 2020 |  | 2019
Balance, beginning of year |  | $ | 296.7 |  |  | $ | 143.0 |
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years |  | (89.3) |  |  | (2.4) |
Increase in unrecognized tax benefits as a result of tax positions taken during prior years |  | 22.4 |  |  | 1.1 |
Lapse of applicable statutes of limitations |  | (13.2) |  |  | (4.4) |
Increases in unrecognized tax benefits as a result of tax positions taken during the current year |  | 12.8 |  |  | 17.8 |
Impact of foreign currency exchange rates |  | 9.0 |  |  | (.3) |
Settlements with taxing authorities |  | (.7) |  |  | (8.0) |
Increases in unrecognized tax benefits as a result of the Rowan Transaction |  | — |  |  | 149.9 |
Balance, end of year |  | $ | 237.7 |  |  | $ | 296.7 |

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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. + 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
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- 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
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- 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
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- 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
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