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Income Taxes (Tables)

12 Months Ended

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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