XML 72 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 78.0 |  |  | $ | (193.6) |  |  | $ | (250.5) |
Foreign | (144.8) |  |  | 227.0 |  |  | 52.9 |
Total | $ | (66.8) |  |  | $ | 33.4 |  |  | $ | (197.6) |
Significant components of the income before income tax expense | Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
U.S. federal current expense (benefit) | $ | 0.5 |  |  | $ | — |  |  | $ | — |
State current expense (benefit) | — |  |  | 0.2 |  |  | — |
Foreign current expense (benefit) | 15.8 |  |  | 4.0 |  |  | 0.1 |
Total current expense (benefit) | 16.3 |  |  | 4.2 |  |  | 0.1
Deferred: |  |  |  |  |
U.S. federal deferred benefit | (0.3) |  |  | (0.3) |  |  | (0.2) |
State deferred benefit | (0.1) |  |  | — |  |  | — |
Foreign deferred tax (benefit) expense | (30.5) |  |  | 43.5 |  |  | (30.5) |
Total deferred (benefit) expense | (30.9) |  |  | 43.2 |  |  | (30.7) |
Total income tax (benefit) expense | $ | (14.6) |  |  | $ | 47.4 |  |  | $ | (30.6) |
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:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Permanent differences | 1.1 |  |  | (15.2) |  |  | (0.3) |
State taxes, net of Federal benefit | (0.1) |  |  | 0.1 |  |  | — |
Rate change | (0.3) |  |  | 0.4 |  |  | 2.5 |
Foreign earnings taxed at different rates than U.S. | 2.0 |  |  | (0.8) |  |  | (3.9) |
Valuation allowance | 3.6 |  |  | (4.2) |  |  | (15.9) |
Helguvik investment | — |  |  | — |  |  | 26.4 |
Foreign dividends and inclusions | (12.7) |  |  | 122.9 |  |  | (10.1) |
Net operating loss expiration and remeasurement | (8.0) |  |  | 43.1 |  |  | (5.2) |
Filing differences | 0.6 |  |  | (19.1) |  |  | (0.1) |
Changes in uncertain tax reserves | (1.3) |  |  | (5.3) |  |  | 1.3 |
Advanced Manufacturing Production Credit | 18.6 |  |  | — |  |  | — |
Other | (2.7) |  |  | (0.9) |  |  | (0.2) |
Effective tax rate | 21.8 | % |  | 142.0 | % |  | 15.5 | %
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:
| 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 30.7 |  |  | $ | 25.7 |
Net operating losses | 467.6 |  |  | 395.8 |
Disallowed interest expense | 29.2 |  |  | 27.7 |
Derivative and hedging contracts | 1.2 |  |  | — |
Fixed asset tax over book basis | 9.2 |  |  | 17.0 |
Other | 28.3 |  |  | 26.1 |
Total deferred tax assets | 566.2 |  |  | 492.3 |
Valuation allowance | (537.6) |  |  | (487.9) |
Net deferred tax assets | $ | 28.6 |  |  | $ | 4.4 |
Deferred tax liabilities: |  |  |
Fixed asset book over tax basis | (62.0) |  |  | (60.5) |
Derivatives | — |  |  | (19.0) |
Foreign basis differences | (18.1) |  |  | (19.8) |
Other | (20.6) |  |  | (7.9) |
Total deferred tax liabilities | (100.7) |  |  | (107.2) |
Net deferred tax liability | $ | (72.1) |  |  | $ | (102.8) |
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning balance, valuation allowance | $ | 487.9 |  |  | $ | 485.8 |  |  | $ | 499.4 |
Remeasurement of deferred tax assets | — |  |  | — |  |  | — |
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (7.2) |  |  | (15.4) |  |  | (13.2) |
Other change in valuation allowance | 56.9 |  |  | 17.5 |  |  | (0.4) |
Ending balance, valuation allowance | $ | 537.6 |  |  | $ | 487.9 |  |  | $ | 485.8 |
Significant components of net operating loss carryforwards | The significant components of our NOLs are as follows:
| 2023 |  | 2022
Federal (1) | $ | 1,533.5 |  |  | $ | 1,487.8 |
State (2) | 1,221.0 |  |  | 1,182.7 |
Foreign (3)(4) | 344.4 |  |  | 106.0 |
(1)US federal NOLs begin to expire in 2028. (2)US state NOLs begin to expire in 2027. (3)NOLs in Iceland expire between 2024 and 2026. (4)NOLs in Jamaica do not expire.
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:
| 2023 |  | 2022 |  | 2021
Balance as of January 1, | $ | 2.2 |  |  | $ | 4.0 |  |  | $ | 6.5 |
Additions based on tax positions related to the current year | 1.3 |  |  | 0.3 |  |  | — |
Decreases due to lapse of applicable statute of limitations | (0.5) |  |  | (2.1) |  |  | (2.5) |
Settlements | — |  |  | — |  |  | — |
Balance as of December 31, | $ | 3.0 |  |  | $ | 2.2 |  |  | $ | 4.0 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration