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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | Income from continuing operations, before income taxes consists of the following:
(In millions) |  | 2022 |  | 2021 |  | 2020
Domestic |  | $ | (82.4) |  |  | $ | (22.1) |  |  | $ | (53.3) |
International |  | 146.2 |  |  | 225.6 |  |  | 114.4 |
Income from continuing operations, before income taxes |  | $ | 63.8 |  |  | $ | 203.5 |  |  | $ | 61.1 |
Summary of Income Tax Expense | A summary of income tax expense from continuing operations is as follows:
(In millions) |  | 2022 |  | 2021 |  | 2020
Current income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | (76.2) |  |  | $ | 23.4 |  |  | $ | (42.3) |
International |  | 56.4 |  |  | 50.8 |  |  | 31.9 |
Total current income tax expense (benefit) |  | $ | (19.8) |  |  | $ | 74.2 |  |  | $ | (10.4) |
Deferred income tax expense (benefit): |  |  |  |  |  |
Domestic |  | $ | 2.6 |  |  | $ | (26.8) |  |  | $ | 17.2 |
International |  | (2.1) |  |  | 4.5 |  |  | (18.5) |
Total deferred income tax expense (benefit) |  | $ | 0.5 |  |  | $ | (22.3) |  |  | $ | (1.3) |
Total income tax expense (benefit) |  | $ | (19.3) |  |  | $ | 51.9 |  |  | $ | (11.7) |
Reconciliation Between Effective Income Tax Rate and U.S. Statutory Rate |
|  | 2022 |  | 2021 |  | 2020 |  |
U.S. federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  |
International tax rate differential: |  |  |  |  |  |  |  |
Asia |  | 1.1 |  |  | 0.4 |  |  | 1.2 |  |  |
Europe |  | (12.4) |  |  | (1.8) |  |  | (9.9) |  |  |
North and South America |  | 5.9 |  |  | 1.1 |  |  | 2.5 |  |  |
Total international tax rate differential |  | (5.5) |  |  | (0.3) |  |  | (6.2) |  |  |
Tax on GILTI and FDII |  | 2.8 |  |  | (1.0) |  |  | 9.8 |  |  |
International tax on certain current and prior year earnings |  | 0.2 |  |  | 2.0 |  |  | 4.4 |  |  |
Non-deductible acquisition related costs |  | 0.9 |  |  | 0.1 |  |  | 4.0 |  |  |
Research and development credit |  | (5.0) |  |  | (1.1) |  |  | (4.7) |  |  |
Capital losses |  | (88.1) |  |  | (0.6) |  |  | (29.8) |  |  |
State and local tax, net |  | (4.0) |  |  | 0.2 |  |  | (12.4) |  |  |
International permanent items |  | 15.0 |  |  | 0.2 |  |  | (10.7) |  |  |
Net impact of uncertain tax positions |  | 12.9 |  |  | 1.0 |  |  | 2.1 |  |  |
Changes in valuation allowances |  | 15.4 |  |  | 2.6 |  |  | 1.2 |  |  |
Other |  | 4.2 |  |  | 1.4 |  |  | 2.2 |  |  |
Effective income tax rate |  | (30.2) | % |  | 25.5 | % |  | (19.1) | % |  |
Components of Deferred Tax Assets and (Liabilities) | Components of our deferred tax assets (liabilities) as of December 31, 2022 and 2021 were as follows:
(In millions) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Employment costs |  | 21.0 |  |  | 34.2 |
Environmental reserves |  | 29.2 |  |  | 30.9 |
Net operating loss carryforwards |  | 54.3 |  |  | 52.8 |
Operating leases |  | 11.8 |  |  | 16.1 |
Research and development |  | 39.2 |  |  | 22.0 |
Capitalized and carryforward interest |  | 18.2 |  |  | 6.3 |
Financial Derivatives |  | 16.7 |  |  | — |
Other, net |  | 54.4 |  |  | 43.7 |
Gross deferred tax assets |  | $ | 244.8 |  |  | $ | 206.0 |
Valuation allowances |  | (35.3) |  |  | (19.6) |
Total deferred tax assets, net of valuation allowances |  | $ | 209.5 |  |  | $ | 186.4 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | $ | (117.4) |  |  | $ | (47.4) |
Goodwill and intangibles |  | (337.3) |  |  | (130.6) |
Operating leases |  | (12.0) |  |  | (16.2) |
Financial Derivatives |  | — |  |  | (6.7) |
Other, net |  | (11.7) |  |  | (12.6) |
Total deferred tax liabilities |  | $ | (478.4) |  |  | $ | (213.5) |
Net deferred tax (liabilities) assets |  | $ | (268.9) |  |  | $ | (27.1) |
Consolidated Balance Sheets: |  |  |  |
Non-current deferred income tax assets |  | $ | 73.6 |  |  | $ | 73.5 |
Non-current deferred income tax liabilities |  | $ | (342.5) |  |  | $ | (100.6) |
Changes in Unrecognized Tax Benefits |
|  | Unrecognized Tax Benefits
(In millions) |  | 2022 |  | 2021 |  | 2020
Balance as of January 1, |  | $ | 19.8 |  |  | $ | 9.5 |  |  | $ | 11.2 |
Increases as a result of positions taken during current year |  | 10.6 |  |  | 5.9 |  |  | 0.6 |
Increases as a result of positions taken for prior years |  | 0.4 |  |  | 0.2 |  |  | 0.6 |
Balance related to acquired businesses |  | — |  |  | 5.4 |  |  | — |
Reductions for tax positions of prior years |  | (4.3) |  |  | — |  |  | — |
Decreases as a result of lapse of statute of limitations |  | (0.6) |  |  | (1.5) |  |  | (0.5) |
Decreases relating to settlements with taxing authorities |  | — |  |  | (0.1) |  |  | (2.8) |
Other, net |  | (0.5) |  |  | 0.4 |  |  | 0.4 |
Balance as of December 31, |  | $ | 25.4 |  |  | $ | 19.8 |  |  | $ | 9.5 |

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