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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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):

			Year Ended December 31,
			2021						2020						2019
United States			$	(47.7)					$	51.2					$	(59.1)
Foreign			147.8						110.5						296.4
Income (loss) before income taxes			$	100.0					$	161.7					$	237.3

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):

			Year Ended December 31,
			2021						2020						2019
Current:
U.S. federal statutory tax			$	4.4					$	10.1					$	(4.0)
State			1.4						2.6						1.6
Foreign			22.4						42.9						35.9
			28.2						55.6						33.5
Deferred:
U.S. federal statutory tax			2.2						—						11.0
State			2.7						—						4.6
Foreign			(12.5)						(14.4)						(12.2)
			(7.6)						(14.4)						3.4
Non-current tax expense (income)			5.3						10.9						19.3
			$	25.8					$	52.1					$	56.2

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:

			Year Ended December 31,
			2021						2020						2019
U.S. federal statutory tax rate			21.0		%				21.0		%				21.0		%
Foreign earnings, net of foreign taxes			(10.3)						(13.3)						(13.8)
State income taxes, net of U.S. federal income tax benefit			3.2						1.3						2.2
Tax Reform - GILTI			8.8						0.5						6.0
Tax Reform - BEAT			1.7						1.4						0.1
Uncertain tax positions			5.3						6.8						8.2
Foreign currency adjustments			9.6						(2.1)						(6.1)
Intercompany interest transfer pricing adjustment			1.4						2.0						1.4
Nontaxable interest income			(4.7)						(3.0)						(2.3)
Nondeductible interest expense			1.2						1.9						1.8
Valuation allowance			(8.0)						10.6						1.2
Sale of Company			—						3.0						—
Non-deductible Officer Compensation			1.5						1.2						0.5
Statutory Adjustments			(3.2)						0.1						0.2
UK Tax Rate Change			(5.9)						—						—
Other permanent differences			4.1						0.8						3.3
Effective income tax rate			25.8		%				32.2		%				23.7		%

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,
			2021						2020
Gross Deferred Tax Assets:
Bad debt reserve			$	9.5					$	15.2
Net operating loss			45.9						57.4
Accrued and other share-based compensation			16.6						14.7
Leases			1.5						2.5
Accrued expenses			10.6						3.9
U.S. foreign income tax credits			1.2						1.2
Other income tax credits			0.2						0.2
Customer deposits			1.8						1.2
Investments			1.9						1.9
Unrealized foreign exchange			8.5						16.4
Unrealized Derivatives			1.2						—
Cash flow hedges			1.1						2.9
Interest Limitation			26.2						10.7
Total gross deferred tax assets			126.2						128.2
Less: Valuation allowance			39.7						48.0
Gross deferred tax assets, net of valuation allowance			86.5						80.2
Deferred Tax Liabilities:
Depreciation			(23.9)						(23.2)
Goodwill and intangible assets			(55.9)						(54.8)
Prepaid expenses, deductible for tax purposes			(4.3)						(3.3)
Deferred tax costs on foreign unrepatriated earnings			(10.6)						(10.4)
Unrealized derivatives			—						(6.4)
Other			(7.4)						(2.3)
Total gross deferred tax liabilities			(102.0)						(100.4)
Net deferred tax liability			$	15.5					$	20.2
Net deferred tax asset			—						—
Reported on the Consolidated Balance Sheets as:
Identifiable intangible and other non-current assets for deferred tax assets, non-current			$	44.8					$	33.7
Non-current income tax liabilities, net of deferred tax liabilities, non-current			$	60.3					$	53.6

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			2022-2041			$	8.4
US States			Indefinite			$	4.0
Foreign			2022-2041			$	5.1
Foreign			Indefinite			$	28.3
Total						$	45.9

Summary of income tax concessions

The increase (decrease) to our foreign income taxes from the Singapore tax concession was as follows (in millions, except per share amounts):

			Year Ended December 31,
			2021						2020						2019
Singapore tax concession impact on foreign income tax			$	(1.1)					$	(2.4)					$	(4.3)
Impact on basic earnings per share			$	(0.02)					$	(0.04)					$	(0.07)
Impact on diluted earnings per share			$	(0.02)					$	(0.04)					$	(0.06)

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):

			2021						2020						2019
Gross Unrecognized Tax Liabilities – opening balance			$	78.2					$	66.5					$	57.0
Gross increases – tax positions in prior period			2.4						4.8						12.2
Gross decreases – tax positions in prior period			(6.1)						(0.5)						(13.5)
Gross increases – tax positions in current period			3.5						12.3						14.9
Settlements			—						(0.1)						(1.4)
Lapse of statute of limitations			(2.9)						(4.8)						(2.7)
Gross Unrecognized Tax Liabilities – ending balance			$	75.1					$	78.2					$	66.5

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 - 2019						2020 - 2021
South Korea			2011 - 2014						2015 - 2021
Greece			None						2016 - 2021
Other non-U.S.			None						2014 - 2021

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