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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
U.S. | $ | (193.6) |  |  | $ | (250.5) |  |  | $ | (76.7) |
Foreign | 227.0 |  |  | 52.9 |  |  | (49.6) |
Total | $ | 33.4 |  |  | $ | (197.6) |  |  | $ | (126.3) |
Significant components of the income before income tax expense |
Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
U.S. federal current expense (benefit) | $ | — |  |  | $ | — |  |  | $ | — |
State current expense (benefit) | 0.2 |  |  | — |  |  | — |
Foreign current expense (benefit) | 4.0 |  |  | 0.1 |  |  | 4.0 |
Total current expense (benefit) | 4.2 |  |  | 0.1 |  |  | 4.0
Deferred: |  |  |  |  |
U.S. federal deferred (benefit) | (0.3) |  |  | (0.2) |  |  | (1.2) |
State deferred benefit | — |  |  | — |  |  | — |
Foreign deferred tax expense (benefit) | 43.5 |  |  | (30.5) |  |  | (5.9) |
Total deferred expense (benefit) | 43.2 |  |  | (30.7) |  |  | (7.1) |
Total income tax expense (benefit) | $ | 47.4 |  |  | $ | (30.6) |  |  | $ | (3.1) |
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:
| 2022 |  | 2021 |  | 2020
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences | (15.2) |  |  | (0.3) |  |  | (1.2) |
State taxes, net of Federal benefit | 0.1 |  |  | — |  |  | — |
Rate change | 0.4 |  |  | 2.5 |  |  | (0.2) |
Foreign earnings taxed at different rates than U.S. | (0.8) |  |  | (3.9) |  |  | (0.3) |
Valuation allowance | (4.2) |  |  | (15.9) |  |  | (4.3) |
Helguvik investment | — |  |  | 26.4 |  |  | — |
Foreign restructuring | — |  |  | — |  |  | (2.3) |
Foreign dividends and inclusions | 122.9 |  |  | (10.1) |  |  | (1.5) |
Net operating loss expiration and remeasurement | 43.1 |  |  | (5.2) |  |  | (10.8) |
Provision to return | (19.1) |  |  | (0.1) |  |  | (0.4) |
Changes in uncertain tax reserves | (5.3) |  |  | 1.3 |  |  | 1.4 |
Other | (0.9) |  |  | (0.2) |  |  | 1.0 |
Effective tax rate | 142.0 | % |  | 15.5 | % |  | 2.4 | %
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:
| 2022 |  | 2021
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 25.7 |  |  | $ | 29.5 |
Net operating losses and tax credits | 395.8 |  |  | 453.1 |
Disallowed interest expense | 27.7 |  |  | 17.8 |
Derivative and hedging contracts | — |  |  | 18.6 |
Fixed asset tax over book basis | 17.0 |  |  | — |
Other | 26.1 |  |  | 20.7 |
Total deferred tax assets | 492.3 |  |  | 539.7 |
Valuation allowance | (487.9) |  |  | (485.8) |
Net deferred tax assets | $ | 4.4 |  |  | $ | 53.9 |
Deferred tax liabilities: |  |  |
Fixed asset book over tax basis | (60.5) |  |  | (86.2) |
Derivatives | (19.0) |  |  | — |
Foreign basis differences | (19.8) |  |  | (19.6) |
Other | (7.9) |  |  | (6.8) |
Total deferred tax liabilities | (107.2) |  |  | (112.6) |
Net deferred tax liability | $ | (102.8) |  |  | $ | (58.7) |
Changes in valuation allowance |
| 2022 |  | 2021 |  | 2020
Beginning balance, valuation allowance | $ | 485.8 |  |  | $ | 499.4 |  |  | $ | 492.4 |
Remeasurement of deferred tax assets | — |  |  | — |  |  | — |
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (15.4) |  |  | (13.2) |  |  | (11.7) |
Other change in valuation allowance | 17.5 |  |  | (0.4) |  |  | 18.7 |
Ending balance, valuation allowance | $ | 487.9 |  |  | $ | 485.8 |  |  | $ | 499.4 |
Significant components of net operating loss carryforwards | The significant components of our NOLs are as follows:
| 2022 |  | 2021
Federal (1) | $ | 1,487.8 |  |  | $ | 1,568.4 |
State (2) | 1,182.7 |  |  | 1,161.0 |
Foreign (3) | 106.0 |  |  | 321.7 |
(1)The federal NOL begins to expire in 2028. (2)The state NOLs begin to expire in 2027. (3)The Icelandic NOLs expire between 2023 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:
| 2022 |  | 2021 |  | 2020
Balance as of January 1, | $ | 4.0 |  |  | $ | 6.5 |  |  | $ | 8.2 |
Additions based on tax positions related to the current year | 0.3 |  |  | — |  |  | — |
Decreases due to lapse of applicable statute of limitations | (2.1) |  |  | (2.5) |  |  | (1.7) |
Settlements | — |  |  | — |  |  | — |
Balance as of December 31, | $ | 2.2 |  |  | $ | 4.0 |  |  | $ | 6.5 |

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