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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of pre-tax book income (loss) |
The components of pre-tax book income (loss) consist of the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
U.S. | $ | (76.7) |  |  | $ | (15.8) |  |  | $ | (39.7) |
Foreign | (49.6) |  |  | (69.7) |  |  | (30.9) |
Total | $ | (126.3) |  |  | $ | (85.5) |  |  | $ | (70.6) |
Significant components of the income before income tax expense |
Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
U.S. federal current expense (benefit) | $ | — |  |  | $ | — |  |  | $ | 0.0 |
State current expense (benefit) | — |  |  | (0.1) |  |  | (1.1) |
Foreign current expense | 4.0 |  |  | 0.1 |  |  | 0.8 |
Total current expense (benefit) | 4.0 |  |  | (0.0) |  |  | (0.3) |
Deferred: |  |  |  |  |
U.S. federal deferred benefit | (1.2) |  |  | (2.2) |  |  | (1.6) |
State deferred benefit | — |  |  | (0.2) |  |  | — |
Foreign deferred tax expense (benefit) | (5.9) |  |  | (6.0) |  |  | 1.7 |
Total deferred expense (benefit) | (7.1) |  |  | (8.4) |  |  | 0.1 |
Total income tax expense (benefit) | $ | (3.1) |  |  | $ | (8.4) |  |  | $ | (0.2) |
Reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) |
A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows:
| 2020 |  | 2019 |  | 2018
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences | (1.2) |  |  | (13.1) |  |  | (25.7) |
State taxes, net of Federal benefit | — |  |  | (0.1) |  |  | 3.5 |
Rate change | (0.2) |  |  | (3.5) |  |  | (0.6) |
Foreign earnings taxed at different rates than U.S. | (0.3) |  |  | (3.3) |  |  | 11.8 |
Valuation allowance | (4.3) |  |  | 72.8 |  |  | 81.2 |
Transition tax | — |  |  | — |  |  | (13.8) |
Foreign restructuring | (2.3) |  |  | — |  |  | — |
Foreign dividends | (1.5) |  |  | — |  |  | — |
Net operating loss expiration and remeasurement | (10.8) |  |  | (66.2) |  |  | (75.8) |
Changes in uncertain tax reserves | 1.4 |  |  | 1.2 |  |  | (1.4) |
Other | 0.6 |  |  | 1.0 |  |  | 0.1 |
Effective tax rate | 2.4 | % |  | 9.8 | % |  | 0.3 | %
Significant components of deferred tax assets and liabilities | The significant components of our deferred tax assets and liabilities as of December 31 are as follows:
| 2020 |  | 2019
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 38.9 |  |  | $ | 39.3 |
Accrued liabilities | 7.2 |  |  | 10.8 |
Share-based compensation | 0.7 |  |  | 0.9 |
Net operating losses and tax credits | 430.3 |  |  | 432.8 |
Foreign basis differences | 16.2 |  |  | 15.0 |
Ravenswood retiree legal settlement | 1.7 |  |  | 1.9 |
Other | 10.1 |  |  | 2.8 |
Total deferred tax assets | 505.1 |  |  | 503.5 |
Valuation allowance | (499.4) |  |  | (492.4) |
Net deferred tax assets | $ | 5.7 |  |  | $ | 11.1 |
Deferred tax liabilities: |  |  |
Derivatives | $ | — |  |  | $ | (3.5) |
Tax over financial statement depreciation | (95.0) |  |  | (102.4) |
Total deferred tax liabilities | (95.0) |  |  | (105.9) |
Net deferred tax liability | $ | (89.3) |  |  | $ | (94.8) |
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| 2020 |  | 2019 |  | 2018
Beginning balance, valuation allowance | $ | 492.4 |  |  | $ | 552.5 |  |  | $ | 607.8 |
Remeasurement of deferred tax assets | — |  |  | (41.6) |  |  | (32.1) |
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (11.7) |  |  | (10.8) |  |  | (12.3) |
Other change in valuation allowance | 18.7 |  |  | (7.7) |  |  | (11.0) |
Ending balance, valuation allowance | $ | 499.4 |  |  | $ | 492.4 |  |  | $ | 552.5 |
Significant components of Net Operating Loss Carryforwards | The significant components of our NOLs are as follows:
| 2020 |  | 2019
Federal (1) | $ | 1,572.9 |  |  | $ | 1,519.9 |
State (2) | 1,090.7 |  |  | 1,068.3 |
Foreign (3) | 229.4 |  |  | 306.8 |
(1)The federal NOL begins to expire in 2028. (2)The state NOLs begin to expire in 2027. (3)The Icelandic NOL expires between 2021 and 2026.
Reconciliation of beginning and ending amounts of gross unrecognized tax benefits | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:
| 2020 |  | 2019 |  | 2018
Balance as of January 1, | $ | 8.2 |  |  | $ | 9.5 |  |  | $ | 8.4 |
Additions based on tax positions related to the current year | — |  |  | — |  |  | 2.0 |
Decreases due to lapse of applicable statute of limitations | (1.7) |  |  | (1.3) |  |  | (0.9) |
Settlements | — |  |  | — |  |  | — |
Balance as of December 31, | $ | 6.5 |  |  | $ | 8.2 |  |  | $ | 9.5 |
Significant components of unrecognized tax positions | The components of our unrecognized tax benefits are as follows:
| 2020 |  | 2019 |  | 2018
Unrecognized tax benefits - Temporary Differences | $ | 5.1 |  |  | $ | 6.8 |  |  | $ | 7.9 |
Other unrecognized tax benefits | 1.4 |  |  | 1.4 |  |  | 1.6 |
Gross unrecognized tax benefits | $ | 6.5 |  |  | $ | 8.2 |  |  | $ | 9.5 |
Accrued interest and penalties related to unrecognized tax benefits | $ | — |  |  | $ | — |  |  | $ | 0.1 |

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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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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: 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 + Details
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