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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
United States | $ | (90.3) |  |  | $ | (47.7) |  |  | $ | 51.2 |
Foreign | 235.4 |  |  | 147.8 |  |  | 110.5 |
Income (loss) before income taxes | $ | 145.1 |  |  | $ | 100.0 |  |  | $ | 161.7 |
Schedule of components of income tax provision (benefit) | Our total income tax provision (benefit) related to income before income taxes consists of the following components (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
U.S. federal statutory tax | $ | 4.2 |  |  | $ | 4.4 |  |  | $ | 10.1 |
State | 2.2 |  |  | 1.4 |  |  | 2.6 |
Foreign | 42.9 |  |  | 22.4 |  |  | 42.9 |
Current income tax expense (benefit) | 49.2 |  |  | 28.2 |  |  | 55.6 |
Deferred: |  |  |  |  |
U.S. federal statutory tax | (4.6) |  |  | 2.2 |  |  | — |
State | 0.6 |  |  | 2.7 |  |  | — |
Foreign | (14.5) |  |  | (12.5) |  |  | (14.4) |
Deferred income tax expense (benefit) | (18.5) |  |  | (7.6) |  |  | (14.4) |
Non-current tax expense (income) (1) | (1.5) |  |  | 5.3 |  |  | 10.9 |
Total provision for income taxes | $ | 29.2 |  |  | $ | 25.8 |  |  | $ | 52.1 |
(1)Non-current tax expense (income) is primarily related to income tax associated with the reserve for uncertain tax positions, including associated interest and penalties.
Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate | A reconciliation of the tax provision calculated using the U.S. federal statutory income tax rate to our tax provision is as follows (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Tax provision based on U.S. federal statutory tax rate | $ | 30.5 |  |  | $ | 21.0 |  |  | $ | 34.0 |
Foreign rates varying from federal statutory tax rate | (5.4) |  |  | (10.3) |  |  | (21.5) |
State income taxes, net of U.S. federal income tax benefit | 0.7 |  |  | 1.8 |  |  | 3.6 |
U.S. taxes on foreign earnings and other tax reform impacts | 29.7 |  |  | 11.1 |  |  | 12.0 |
Uncertain tax positions | (1.5) |  |  | 5.3 |  |  | 10.9 |
Foreign currency, statutory adjustments, and tax rate changes | (3.8) |  |  | 0.6 |  |  | (3.1) |
Non-taxable interest income & non-deductible interest expense | 2.1 |  |  | (2.1) |  |  | 1.5 |
Valuation allowances | (13.3) |  |  | (6.6) |  |  | 15.6 |
Non-deductible officer compensation | 1.0 |  |  | 1.5 |  |  | 1.9 |
Withholding Tax | 7.8 |  |  | 6.2 |  |  | 1.6 |
Foreign tax credit | (25.0) |  |  | (5.6) |  |  | (9.2) |
Other (1) | 6.6 |  |  | 2.9 |  |  | 4.9 |
Total provision for income taxes | $ | 29.2 |  |  | $ | 25.8 |  |  | $ | 52.1 |
(1)Includes a gain of sale of company of $4.9 million for the year ended December 31, 2020.
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,
| 2022 |  | 2021
Gross Deferred Tax Assets: |  |  |
Bad debt reserve and accrued expenses | $ | 12.0 |  |  | $ | 20.1 |
Net operating loss | 56.7 |  |  | 45.9 |
Accrued and other share-based compensation | 26.1 |  |  | 16.6 |
U.S. foreign income tax credits | 8.3 |  |  | 1.4 |
Unrealized foreign exchange, derivatives, and cash flow hedges | — |  |  | 10.7 |
Interest expense limitations | 18.4 |  |  | 26.2 |
Other | 15.4 |  |  | 5.2 |
Total gross deferred tax assets | 136.8 |  |  | 126.2 |
Less: Valuation allowance (1) | 26.1 |  |  | 39.7 |
Gross deferred tax assets, net of valuation allowance | 110.7 |  |  | 86.5 |
Deferred Tax Liabilities: |  |  |
Depreciation | (26.7) |  |  | (23.9) |
Goodwill and intangible assets | (70.8) |  |  | (55.9) |
Unrealized foreign exchange, derivatives, and cash flow hedges | (7.0) |  |  | — |
Deferred tax costs on foreign unrepatriated earnings | (11.8) |  |  | (10.6) |
Other | (4.3) |  |  | (11.7) |
Total gross deferred tax liabilities | (120.6) |  |  | (102.0) |
Net deferred tax liability | $ | 9.9 |  |  | $ | 15.5 |
Net deferred tax asset | $ | — |  |  | $ | — |
Reported on the Consolidated Balance Sheets as: |  |  |
Other non-current assets for deferred tax assets, non-current | $ | 68.0 |  |  | $ | 44.8 |
Non-current income tax liabilities, net for deferred tax liabilities, non-current | $ | 77.9 |  |  | $ | 60.3 |
(1)During the year ended December 31, 2022, we recognized additional valuation allowances of $4.8 million relating primarily to the 2022 results of certain our worldwide entities and released valuation allowances totaling $18.4 million relating to certain of our non-US entities.
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 | 2023-2042 | $ | 12.2 |
US States | Indefinite | 4.3 |
Foreign | 2023-2042 | 4.7 |
Foreign | Indefinite | 35.4 |
Total |  | $ | 56.7 |
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,
| 2022 |  | 2021 |  | 2020
Singapore tax concession impact on foreign income tax | $ | (3.3) |  |  | $ | (1.1) |  |  | $ | (2.4) |
Impact on basic earnings per share | $ | (0.05) |  |  | $ | (0.02) |  |  | $ | (0.04) |
Impact on diluted earnings per share | $ | (0.05) |  |  | $ | (0.02) |  |  | $ | (0.04) |
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):
| 2022 |  | 2021 |  | 2020
Gross Unrecognized Tax Liabilities – opening balance | $ | 75.1 |  |  | $ | 78.2 |  |  | $ | 66.5 |
Gross increases – tax positions in prior period | 2.2 |  |  | 2.4 |  |  | 4.8 |
Gross decreases – tax positions in prior period | (8.0) |  |  | (6.1) |  |  | (0.5) |
Gross increases – tax positions in current period | 2.0 |  |  | 3.5 |  |  | 12.3 |
Settlements | (1.6) |  |  | — |  |  | (0.1) |
Payments | 1.6 |  |  | — |  |  | — |
Lapse of statute of limitations | (3.3) |  |  | (2.9) |  |  | (4.8) |
Gross Unrecognized Tax Liabilities – ending balance | $ | 68.1 |  |  | $ | 75.1 |  |  | $ | 78.2 |
Schedule of open tax years by jurisdiction with major uncertain tax positions | The following table summarizes open tax years by major jurisdiction:
| Open Tax Year
Jurisdiction | Examination in progress |  | Examination not yet initiated
Denmark | 2013 - 2019 |  | 2020 - 2022
United States | None |  | 2020 - 2022
United Kingdom | None |  | 2020 - 2022
Singapore | None |  | 2018 - 2022
Other non-U.S. | None |  | 2013 - 2022

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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