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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of U.S. and foreign income before income taxes

U.S. and foreign income before income taxes consist of the following (in millions):

	2018				2017				2016
United States	$	(63.6	)		$	(152.3	)		$	(85.4	)
Foreign	248.5				131.2				227.5
	$	184.9			$	(21.1	)		$	142.1

Schedule of components of income tax provision (benefit)

The income tax provision (benefit) related to income before income taxes consists of the following components (in millions):

	2018				2017				2016
Current:
U.S. federal statutory tax	$	8.2			$	94.6			$	7.5
State	(1.6		)		5.6				0.8
Foreign	46.3				34.2				30.4
	52.9				134.4				38.7
Deferred:
U.S. federal statutory tax	4.0				15.1				(29.3		)
State	(6.2		)		8.9				(4.2		)
Foreign	(1.0		)		(10.0		)		(2.5		)
	(3.2		)		13.9				(36.0		)
Non-current tax expense (income)	6.2				0.9				13.0
	$	55.9			$	149.2			$	15.7

Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:

	2018			2017			2016
U.S. federal statutory tax rate	21.0	%		35.0	%		35.0	%
Foreign earnings, net of foreign taxes	(11.6	)		245.4			(42.4	)
State income taxes, net of U.S. federal income tax benefit	(3.3	)		(51.8	)		(1.5	)
U.S. tax on deemed dividends	(0.4	)		(14.0	)		1.3
Tax Act impact	0.7			(704.3	)		—
Tax Reform - GILTI	9.7			—			—
Tax Reform - BEAT	2.8			—			—
Deferred tax impact on foreign unrepatriated earnings	(1.0	)		(65.5	)		—
Goodwill impairment	—			(81.5	)		—
Sale of subsidiary	—			—			3.8
Uncertain tax positions	3.4			(4.1	)		9.2
Foreign currency adjustments	2.2			(0.7	)		(0.4	)
Intercompany interest transfer pricing adjustment	1.5			—			—
Tax authority settlements	—			(10.0	)		—
Nontaxable interest income	(2.7	)		36.9			—
Nondeductible interest expense	—			(12.6	)		—
Valuation allowance	3.0			(19.6	)		2.0
Other permanent differences	5.0			(60.4	)		4.0
Effective income tax rate	30.2	%		(707.1	)%		11.0	%

Schedule of net deferred tax liabilities

The temporary differences which comprise our net deferred tax liabilities are as follows (in millions):

	As of December 31,
	2018				2017
Gross Deferred Tax Assets:
Bad debt reserve	$	4.7			$	3.5
Net operating loss	33.7				23.0
Accrued and other share-based compensation	23.2				18.8
Accrued expenses	10.2				11.7
U.S. foreign income tax credits	2.3				—
Other income tax credits	0.2				0.2
Customer deposits	3.1				1.9
Investments	1.9				1.3
Cash flow hedges	—				3.2
Total gross deferred tax assets	79.4				63.7
Less: Valuation allowance	24.3				24.6
Gross deferred tax assets, net of valuation allowance	55.1				39.1
Deferred Tax Liabilities:
Depreciation	(11.2		)		(6.4		)
Goodwill and intangible assets	(47.5		)		(43.6		)
Unrealized foreign exchange	(4.5		)		(0.9		)
Prepaid expenses, deductible for tax purposes	(3.9		)		(3.8		)
Deferred tax costs on foreign unrepatriated earnings	(11.3		)		(13.8		)
Unrealized derivatives	(4.1		)		(1.1		)
Cash flow hedges	(2.5		)		—
Other	(3.5		)		(1.1		)
Total gross deferred tax liabilities	(88.5		)		(70.8		)
Net deferred tax liability	$	33.4			$	31.7
Net deferred tax asset	—				—
Reported on the consolidated balance sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current	$	11.4			$	12.8
Non-current income tax liabilities, net for deferred tax liabilities, non-current	$	44.8			$	44.5

Schedule of expiration of NOL carryforward

This deferred tax asset expires as follows (in millions):

Expiration Date	Deferred Tax Asset
December 31, 2020
December 31, 2021	0.3
December 31, 2022	0.7
December 31, 2023	0.7
December 31, 2024	0.4
December 31, 2025	0.4
December 31, 2026	0.4
December 31, 2027	0.4
December 31, 2028	0.3
December 31, 2029	0.6
December 31, 2030	0.4
December 31, 2031	0.2
December 31, 2032	0.4
December 31, 2033	0.3
December 31, 2034	0.3
December 31, 2035	0.5
December 31, 2036	2.6
December 31, 2037	4.1
December 31, 2038	3.3
Indefinite	17.4
Total	$	33.7

Schedule of reconciliation of the total amounts of unrecognized income tax benefits

The following is a tabular reconciliation of the total amounts of gross unrecognized income tax liabilities for the year (in millions):

	2018				2017				2016
Gross Unrecognized Tax Liabilities – opening balance	$	58.8			$	62.2			$	47.8
Gross increases – tax positions in prior period	3.6				10.9				19.7
Gross decreases – tax positions in prior period	(10.6		)		—				(15.4		)
Gross increases – tax positions in current period	11.5				10.7				12.9
Gross decreases – tax positions in current period	—				—				—
Settlements	(1.5		)		(23.0		)		—
Lapse of statute of limitations	(4.8		)		(2.1		)		(2.8		)
Gross Unrecognized Tax Liabilities – ending balance	$	57.0			$	58.8			$	62.2

Schedule of open tax years by jurisdiction with major uncertain tax positions

The following table summarizes these open tax years by jurisdiction with major uncertain tax positions:

	Open Tax Year
Jurisdiction	Examination in progress		Examination not yet initiated
United States	2013 - 2016		2017 - 2018
Korea	2011 - 2014		2015 - 2018
United Kingdom	None		2016 - 2018
The Netherlands	None		2013 - 2018
Greece	None		2012 - 2018
Denmark	2013 - 2015		2016 - 2018

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