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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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,
| 2021 |  | 2020 |  | 2019
U.S. | $ | (250.5) |  |  | $ | (76.7) |  |  | $ | (15.8) |
Foreign | 52.9 |  |  | (49.6) |  |  | (69.7) |
Total | $ | (197.6) |  |  | $ | (126.3) |  |  | $ | (85.5) |
Significant components of the income before income tax expense |
Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
U.S. federal current expense (benefit) | $ | — |  |  | $ | — |  |  | $ | — |
State current expense (benefit) | — |  |  | — |  |  | (0.1) |
Foreign current expense | 0.1 |  |  | 4.0 |  |  | 0.1 |
Total current expense (benefit) | 0.1 |  |  | 4.0 |  |  | (0.0)
Deferred: |  |  |  |  |
U.S. federal deferred benefit | (0.2) |  |  | (1.2) |  |  | (2.2) |
State deferred benefit | — |  |  | — |  |  | (0.2) |
Foreign deferred tax benefit | (30.5) |  |  | (5.9) |  |  | (6.0) |
Total deferred benefit | (30.7) |  |  | (7.1) |  |  | (8.4) |
Total income tax benefit | $ | (30.6) |  |  | $ | (3.1) |  |  | $ | (8.4) |
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:
| 2021 |  | 2020 |  | 2019
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences | (0.3) |  |  | (1.2) |  |  | (13.1) |
State taxes, net of Federal benefit | — |  |  | — |  |  | (0.1) |
Rate change | 2.5 |  |  | (0.2) |  |  | (3.5) |
Foreign earnings taxed at different rates than U.S. | (3.9) |  |  | (0.3) |  |  | (3.3) |
Valuation allowance | (15.9) |  |  | (4.3) |  |  | 72.8 |
Helguvik investment | 26.4 |  |  | — |  |  | — |
Foreign restructuring | — |  |  | (2.3) |  |  | — |
Foreign dividends and inclusions | (10.1) |  |  | (1.5) |  |  | — |
Net operating loss expiration and remeasurement | (5.2) |  |  | (10.8) |  |  | (66.2) |
Changes in uncertain tax reserves | 1.3 |  |  | 1.4 |  |  | 1.2 |
Other | (0.3) |  |  | 0.6 |  |  | 1.0 |
Effective tax rate | 15.5 | % |  | 2.4 | % |  | 9.8 | %
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:
| 2021 |  | 2020
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 29.5 |  |  | $ | 38.9 |
Net operating losses and tax credits | 453.1 |  |  | 430.3 |
Disallowed interest expense | 17.8 |  |  | 6.9 |
Foreign basis differences | — |  |  | 16.2 |
Derivative and hedging contracts | 18.6 |  |  | 0.5 |
Other | 13.9 |  |  | 12.3 |
Total deferred tax assets | 532.9 |  |  | 505.1 |
Valuation allowance | (485.8) |  |  | (499.4) |
Net deferred tax assets | $ | 47.1 |  |  | $ | 5.7 |
Deferred tax liabilities: |  |  |
Tax over financial statement depreciation | (86.2) |  |  | (95.0) |
Foreign basis differences | (19.6) |  |  | — |
Total deferred tax liabilities | (105.8) |  |  | (95.0) |
Net deferred tax liability | $ | (58.7) |  |  | $ | (89.3) |
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| 2021 |  | 2020 |  | 2019
Beginning balance, valuation allowance | $ | 499.4 |  |  | $ | 492.4 |  |  | $ | 552.5 |
Remeasurement of deferred tax assets | — |  |  | — |  |  | (41.6) |
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (13.2) |  |  | (11.7) |  |  | (10.8) |
Other change in valuation allowance | (0.4) |  |  | 18.7 |  |  | (7.7) |
Ending balance, valuation allowance | $ | 485.8 |  |  | $ | 499.4 |  |  | $ | 492.4 |
Significant components of net operating loss carryforwards | The significant components of our NOLs are as follows:
| 2021 |  | 2020
Federal (1) | $ | 1,568.4 |  |  | $ | 1,572.9 |
State (2) | 1,161.0 |  |  | 1,090.7 |
Foreign (3) | 321.7 |  |  | 229.4 |
(1)The federal NOL begins to expire in 2028. (2)The state NOLs begin to expire in 2027. (3)The Icelandic NOLs expire between 2022 and 2031.
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:
| 2021 |  | 2020 |  | 2019
Balance as of January 1, | $ | 6.5 |  |  | $ | 8.2 |  |  | $ | 9.5 |
Additions based on tax positions related to the current year | — |  |  | — |  |  | — |
Decreases due to lapse of applicable statute of limitations | (2.5) |  |  | (1.7) |  |  | (1.3) |
Settlements | — |  |  | — |  |  | — |
Balance as of December 31, | $ | 4.0 |  |  | $ | 6.5 |  |  | $ | 8.2 |

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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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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