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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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):
| 2020 |  | 2019 |  | 2018
United States | $ | 51.2 |  |  | $ | (59.1) |  |  | $ | (63.6) |
Foreign | 110.5 |  |  | 296.4 |  |  | 248.5 |
| $ | 161.7 |  |  | $ | 237.3 |  |  | $ | 184.9 |
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):
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
U.S. federal statutory tax | $ | 10.1 |  |  | $ | (4.0) |  |  | $ | 8.2 |
State | 2.6 |  |  | 1.6 |  |  | (1.6) |
Foreign | 42.9 |  |  | 35.9 |  |  | 46.3 |
| 55.6 |  |  | 33.5 |  |  | 52.9 |
Deferred: |  |  |  |  |
U.S. federal statutory tax | — |  |  | 11.0 |  |  | 4.0 |
State | — |  |  | 4.6 |  |  | (6.2) |
Foreign | (14.4) |  |  | (12.2) |  |  | (1.0) |
| (14.4) |  |  | 3.4 |  |  | (3.2) |
Non-current tax expense (income) | 10.9 |  |  | 19.3 |  |  | 6.2 |
| $ | 52.1 |  |  | $ | 56.2 |  |  | $ | 55.9 |
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:
| 2020 |  | 2019 |  | 2018
U.S. federal statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign earnings, net of foreign taxes | (13.3) |  |  | (13.8) |  |  | (11.6) |
State income taxes, net of U.S. federal income tax benefit | 1.3 |  |  | 2.2 |  |  | (3.3) |
U.S. tax on deemed dividends | — |  |  | 0.9 |  |  | (0.4) |
Tax Act - Transition Tax | (0.7) |  |  | 0.5 |  |  | 0.7 |
Tax Reform - GILTI | 0.5 |  |  | 6.0 |  |  | 9.7 |
Tax Reform - BEAT | 1.4 |  |  | 0.1 |  |  | 2.8 |
Deferred tax impact on foreign unrepatriated earnings | (0.9) |  |  | 0.5 |  |  | (1.0) |
Goodwill impairment | — |  |  | — |  |  | — |
Uncertain tax positions | 6.8 |  |  | 8.2 |  |  | 3.4 |
Foreign currency adjustments | (2.1) |  |  | (6.1) |  |  | 2.2 |
Intercompany interest transfer pricing adjustment | 2.0 |  |  | 1.4 |  |  | 1.5 |
Nontaxable interest income | (3.0) |  |  | (2.3) |  |  | (2.7) |
Nondeductible interest expense | 1.9 |  |  | 1.8 |  |  | — |
Valuation allowance | 10.6 |  |  | 1.2 |  |  | 3.0 |
Sale of Company | 3.0 |  |  | — |  |  | — |
Non-deductible Officer Compensation | 1.2 |  |  | 0.5 |  |  | 0.1 |
Other permanent differences | 2.5 |  |  | 1.6 |  |  | 4.8 |
Effective income tax rate | 32.2 | % |  | 23.7 | % |  | 30.2 | %
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,
| 2020 |  | 2019
Gross Deferred Tax Assets: |  |  |
Bad debt reserve | $ | 15.2 |  |  | $ | 4.2 |
Net operating loss | 57.4 |  |  | 40.1 |
Accrued and other share-based compensation | 14.7 |  |  | 27.1 |
Leases | 2.5 |  |  | — |
Accrued expenses | 3.9 |  |  | 6.0 |
U.S. foreign income tax credits | 1.2 |  |  | 3.0 |
Other income tax credits | 0.2 |  |  | 0.2 |
Customer deposits | 1.2 |  |  | 3.1 |
Investments | 1.9 |  |  | 1.9 |
Unrealized foreign exchange | 16.4 |  |  | — |
Cash flow hedges | 2.9 |  |  | 3.9 |
Interest Limitation | 10.7 |  |  | 6.1 |
Other | — |  |  | — |
Total gross deferred tax assets | 128.2 |  |  | 95.6 |
Less: Valuation allowance | 48.0 |  |  | 32.5 |
Gross deferred tax assets, net of valuation allowance | 80.2 |  |  | 63.1 |
Deferred Tax Liabilities: |  |  |
Depreciation | (23.2) |  |  | (11.7) |
Goodwill and intangible assets | (54.8) |  |  | (53.5) |
Unrealized foreign exchange | — |  |  | (6.3) |
Prepaid expenses, deductible for tax purposes | (3.3) |  |  | (4.2) |
Deferred tax costs on foreign unrepatriated earnings | (10.4) |  |  | (12.0) |
Unrealized derivatives | (6.4) |  |  | (3.8) |
Other | (2.3) |  |  | (5.6) |
Total gross deferred tax liabilities | (100.4) |  |  | (97.1) |
Net deferred tax liability | $ | 20.2 |  |  | $ | 34.0 |
Net deferred tax asset | — |  |  | — |
Reported on the Consolidated Balance Sheets as: |  |  |
Identifiable intangible and other non-current assets for deferred tax assets, non-current | $ | 33.7 |  |  | $ | 20.7 |
Non-current income tax liabilities, net of deferred tax liabilities, non-current | $ | 53.6 |  |  | 54.1
Schedule of expiration of NOL carryforward | This deferred tax asset expires as follows (in millions):
Net Operating Loss | Expiration Date | Deferred Tax Asset
US States | 2021-2040 | $ | 8.2 |
US States | Indefinite | $ | 2.8 |
Foreign | 2022-2040 | $ | 4.9 |
Foreign | Indefinite | $ | 41.5 |
| Total | $ | 57.4 |
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 Tax Liabilities for the year (in millions):
| 2020 |  | 2019 |  | 2018
Gross Unrecognized Tax Liabilities – opening balance | $ | 66.5 |  |  | $ | 57.0 |  |  | $ | 58.8 |
Gross increases – tax positions in prior period | 4.8 |  |  | 12.2 |  |  | 3.6 |
Gross decreases – tax positions in prior period | (0.5) |  |  | (13.5) |  |  | (10.6) |
Gross increases – tax positions in current period | 12.3 |  |  | 14.9 |  |  | 11.5 |
Gross decreases – tax positions in current period | — |  |  | — |  |  | — |
Settlements | (0.1) |  |  | (1.4) |  |  | (1.5) |
Lapse of statute of limitations | (4.8) |  |  | (2.7) |  |  | (4.8) |
Gross Unrecognized Tax Liabilities – ending balance | $ | 78.2 |  |  | $ | 66.5 |  |  | $ | 57.0 |
Schedule of open tax years by jurisdiction with major uncertain tax positions | The following table summarizes these open tax years by jurisdiction with material uncertain tax positions:
| Open Tax Year
Jurisdiction | Examination in progress |  | Examination not yet initiated
Denmark | 2013 - 2015 |  | 2016 - 2020
South Korea | 2011 - 2014 |  | 2015 - 2020
Greece | None |  | 2016 - 2020
Other non-U.S. | None |  | 2014 - 2020

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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