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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income tax for the years ended December 31, 2020, 2019 and 2018 were as follows:

(in millions)			2020						2019						2018
Domestic operations			$	1.7					$	32.0					$	37.0
Foreign operations			76.9						131.5						120.9
Total			$	78.6					$	163.5					$	157.9

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21 percent to our effective income tax rate for the years ended December 31, 2020, 2019 and 2018 was as follows:

(in millions)			2020						2019						2018
Income tax at U.S. statutory rate; 21%			$	16.5					$	34.3					$	33.2
Effect of the U.S. Tax Act			—						—						3.1
Impact on final GILTI regulations for 2018 and 2019			(2.7)						—						—
Statutory tax rate changes			(2.0)						—						3.9
State, local and other tax, net of federal benefit			0.1						5.8						2.2
Impact from foreign inclusions			1.3						3.1						3.7
U.S. effect of foreign dividends and withholding taxes			1.0						2.1						2.2
Foreign income taxed at a higher effective rate			1.4						4.2						0.9
Net Brazilian Tax Assessments impact			1.5						6.5						(4.4)
Increase in valuation allowance			2.2						0.4						5.2
Excess expense (benefit) from stock-based compensation			0.9						0.2						(2.5)
Other			(3.6)						0.1						3.7
Income taxes as reported			$	16.6					$	56.7					$	51.2
Effective tax rate			21.1		%				34.7		%				32.4		%

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense for the years ended December 31, 2020, 2019 and 2018 were as follows:

(in millions)			2020						2019						2018
Current expense
Federal and other			$	(0.1)					$	5.8					$	2.7
Foreign			24.3						42.2						25.8
Total current income tax expense			24.2						48.0						28.5
Deferred expense
Federal and other			(2.0)						8.4						11.1
Foreign			(5.6)						0.3						11.6
Total deferred income tax expense			(7.6)						8.7						22.7
Total income tax expense			$	16.6					$	56.7					$	51.2

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) as of December 31, 2020 and 2019 were as follows:

(in millions)			2020						2019
Deferred tax assets
Compensation and benefits			$	13.3					$	15.4
Pension			60.1						52.7
Inventory			10.2						10.0
Other reserves			18.1						15.9
Accounts receivable			7.5						5.8
Foreign tax credit carryforwards			23.3						25.2
Net operating loss carryforwards			103.1						90.9
Interest expense carryforwards			9.3						6.2
Other			5.7						4.4
Gross deferred income tax assets			250.6						226.5
Valuation allowance			(55.4)						(51.6)
Net deferred tax assets			195.2						174.9
Deferred tax liabilities
Depreciation			(19.0)						(18.0)
Unremitted non-U.S. earnings accrual			(4.6)						(2.0)
Identifiable intangibles			(199.9)						(209.1)
Other			(5.8)						(4.3)
Gross deferred tax liabilities			(229.3)						(233.4)
Net deferred tax liabilities			$	(34.1)					$	(58.5)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 was as follows:

(in millions)			2020						2019						2018
Balance at beginning of year			$	50.5					$	43.7					$	47.2
Additions for tax positions of prior years			2.9						8.4						3.1
Additions for tax positions of current year			—						1.5						1.5
Reductions for tax positions of prior years			(1.1)						(2.5)						(8.2)
Acquisitions			1.4						—						5.3
Decrease resulting from foreign currency translation			(8.6)						(0.6)						(5.2)
Balance at end of year			$	45.1					$	50.5					$	43.7

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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.

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