XML 57 R42.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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, 2021, 2020 and 2019 were as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Domestic operations | $ | (5.6) |  |  | $ | 1.7 |  |  | $ | 32.0 |
Foreign operations | 117.0 |  |  | 76.9 |  |  | 131.5 |
Total | $ | 111.4 |  |  | $ | 78.6 |  |  | $ | 163.5 |
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, 2021, 2020 and 2019 was as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Income tax at U.S. statutory rate; 21% | $ | 23.4 |  |  | $ | 16.5 |  |  | $ | 34.3 |
Unrecognized tax benefits | (1.9) |  |  | — |  |  | — |
Impact on final GILTI regulations for 2018 and 2019 | (1.0) |  |  | (2.7) |  |  | — |
Statutory tax rate changes | (6.8) |  |  | (2.0) |  |  | — |
Statutory tax law changes | (1.2) |  |  | — |  |  | — |
State, local and other tax, net of federal benefit | 2.0 |  |  | 0.1 |  |  | 5.8 |
Impact from foreign inclusions | 3.2 |  |  | 1.3 |  |  | 3.1 |
U.S. effect of foreign dividends and withholding taxes | 1.2 |  |  | 1.0 |  |  | 2.1 |
Foreign income taxed at a higher effective rate | 1.5 |  |  | 1.4 |  |  | 4.2 |
Net Brazilian Tax Assessments impact | 0.5 |  |  | 1.5 |  |  | 6.5 |
(Decrease) increase in valuation allowance | (11.4) |  |  | 2.2 |  |  | 0.4 |
General business credit | (2.1) |  |  | — |  |  | — |
Excess expense from stock-based compensation | 0.5 |  |  | 0.9 |  |  | 0.2 |
Other increase (decrease) | 1.6 |  |  | (3.6) |  |  | 0.1 |
Income taxes as reported | $ | 9.5 |  |  | $ | 16.6 |  |  | $ | 56.7 |
Effective tax rate | 8.5 | % |  | 21.1 | % |  | 34.7 | %
Schedule of Components of Income Tax Expense (Benefit) | The components of the income tax expense for the years ended December 31, 2021, 2020 and 2019 were as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Current expense (benefit) |  |  |  |  |
Federal and other | $ | 2.0 |  |  | $ | (0.1) |  |  | $ | 5.8 |
Foreign | 28.5 |  |  | 24.3 |  |  | 42.2 |
Total current income tax expense | 30.5 |  |  | 24.2 |  |  | 48.0 |
Deferred expense (benefit) |  |  |  |  |
Federal and other | (16.5) |  |  | (2.0) |  |  | 8.4 |
Foreign | (4.5) |  |  | (5.6) |  |  | 0.3 |
Total deferred income tax (benefit) expense | (21.0) |  |  | (7.6) |  |  | 8.7 |
Total income tax expense | $ | 9.5 |  |  | $ | 16.6 |  |  | $ | 56.7 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets (liabilities) as of December 31, 2021 and 2020 were as follows:
(in millions) | 2021 |  | 2020
Deferred tax assets |  |  |
Compensation and benefits | $ | 14.4 |  |  | $ | 13.3 |
Pension | 41.2 |  |  | 60.1 |
Inventory | 10.8 |  |  | 10.2 |
Other reserves | 22.3 |  |  | 18.1 |
Accounts receivable | 9.7 |  |  | 7.5 |
Foreign tax credit carryforwards | 17.9 |  |  | 23.3 |
Net operating loss carryforwards | 96.5 |  |  | 103.1 |
Interest expense carryforwards | 15.2 |  |  | 9.3 |
Other | 4.5 |  |  | 5.7 |
Gross deferred income tax assets | 232.5 |  |  | 250.6 |
Valuation allowance | (52.4) |  |  | (55.4) |
Net deferred tax assets | 180.1 |  |  | 195.2 |
Deferred tax liabilities |  |  |
Depreciation | (13.2) |  |  | (19.0) |
Unremitted non-U.S. earnings accrual | (4.8) |  |  | (4.6) |
Identifiable intangibles | (191.2) |  |  | (199.9) |
Other | (0.2) |  |  | (5.8) |
Gross deferred tax liabilities | (209.4) |  |  | (229.3) |
Net deferred tax liabilities | $ | (29.3) |  |  | $ | (34.1) |
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, 2021, 2020 and 2019 was as follows:
(in millions) | 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 45.1 |  |  | $ | 50.5 |  |  | $ | 43.7 |
Additions for tax positions of prior years | 4.5 |  |  | 2.9 |  |  | 8.4 |
Additions for tax positions of current year | — |  |  | — |  |  | 1.5 |
Reductions for tax positions of prior years | (4.2) |  |  | (1.1) |  |  | (2.5) |
Acquisitions | — |  |  | 1.4 |  |  | — |
Decrease resulting from foreign currency translation | (2.1) |  |  | (8.6) |  |  | (0.6) |
Balance at end of year | $ | 43.3 |  |  | $ | 45.1 |  |  | $ | 50.5 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration