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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

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