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Income Taxes (Tables)

12 Months Ended

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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