Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Income before Income Tax, Domestic and Foreign

(Loss) income before income taxes, non-controlling interests and dividends on preferred shares were as follows:



(amounts in millions)	For the year ended December 31, 2015			For the year ended December 31, 2014			For the period from inception (April 23, 2013) through December 31, 2013			For the ten months ended October 31, 2013
	(Successor)			(Successor)			(Successor)			(Predecessor)
Domestic	$	(290.8	)	$	(103.9	)	$	(7.9	)	$	(74.2	)
Foreign	61.5			73.0			(193.5		)	100.7
Total	$	(229.3	)	$	(30.9	)	$	(201.4	)	$	26.5

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:



(amounts in millions)	For the year ended December 31, 2015			For the year ended December 31, 2014			For the period from inception (April 23, 2013) through December 31, 2013			For the ten months ended October 31, 2013
	(Successor)			(Successor)			(Successor)			(Predecessor)
Current:
U.S.:
Federal	$	0.7		$	(0.6	)	$	0.3		$	(5.3	)
State and local	(0.2		)	0.4			0.1			0.3
Foreign	120.1			36.7			1.3			22.8
Total current	120.6			36.5			1.7			17.8
Deferred:
U.S.:
Federal	6.4			(18.3		)	(2.1		)	(3.1		)
State and local	(5.2		)	0.4			(0.3		)	0.1
Foreign	(46.7		)	(25.3		)	(5.1		)	(1.8		)
Total deferred	(45.5		)	(43.2		)	(7.5		)	(4.8		)
Income tax expense (benefit)	$	75.1		$	(6.7	)	$	(5.8	)	$	13.0

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal statutory tax rates to pretax income, as a result of the following:



(amounts in millions)	For the year ended December 31, 2015			For the year ended December 31, 2014			For the period from inception (April 23, 2013) through December 31, 2013			For the ten months ended October 31, 2013
	(Successor)			(Successor)			(Successor)			(Predecessor)
U.S. federal statutory tax rate	35.0		%	35.0		%	35.0		%	35.0		%
Taxes computed at U.S. statutory rate	$	(80.3	)	$	(10.8	)	$	(70.5	)	$	9.3
State income taxes, net of federal benefit	(3.6		)	0.8			0.4			(2.2		)
Preferred dividend valuation	—			—			60.2			—
Tax on foreign operations	5.8			(7.7		)	0.4			0.8
Net change in reserve	27.5			1.5			(0.7		)	(0.1		)
Change in valuation allowances	72.6			0.2			(0.9		)	3.6
Provision for tax on undistributed foreign earnings	5.0			(3.7		)	0.8			(0.7		)
Change of tax rate	(1.0		)	(0.5		)	—			(0.5		)
Non-deductible transaction costs	40.5			6.5			4.2			1.9
Foreign exchange impact on provision	—			—			—			0.1
Purchase price contingency	0.4			6.6			—			—
Other non-deductible items	9.1			—			—			—
Other, net	(0.9		)	0.4			0.3			0.8
Income tax expense (benefit)	$	75.1		$	(6.7	)	$	(5.8	)	$	13.0
Effective tax rate	(32.8		)%	21.7		%	2.9		%	49.0		%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income taxes at December 31, 2015 and 2014 were as follows:



(amounts in millions)	December 31, 2015			December 31, 2014
Deferred tax assets:
Accounts receivable	$	8.9		$	5.9
Inventory	6.6			—
Accrued liabilities	34.8			3.6
Employee benefits	27.5			20.2
Research and development costs	11.8			11.2
Tax credits	49.3			39.3
Net operating losses	332.3			17.5
Goodwill	26.8			31.2
Financing activities	30.7			4.5
Other	41.4			11.9
Total deferred tax assets	570.1			145.3
Valuation allowance	(403.6		)	(19.7		)
Total gross deferred tax assets	166.5			125.6
Deferred tax liabilities:
Plant and equipment	38.6			16.7
Intangibles	767.3			280.1
Undistributed foreign earnings	7.1			2.6
Inventory	—			0.8
Other	2.9			2.5
Total gross deferred tax liabilities	815.9			302.7
Net deferred tax liability	$	649.4		$	177.1

Condensed Balance Sheet

The following schedule presents net current and net long-term deferred tax assets and liabilities as of December 31, 2015 and 2014:



(amounts in millions)	December 31, 2015		December 31, 2014
Net current deferred tax asset	$	—	$	18.7
Net non-current deferred tax asset	29.4		6.5
Net deferred tax asset	29.4		25.2
Net non-current deferred tax liability	678.8		202.3
Total net deferred tax liability	$	649.4	$	177.1

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits:



(amounts in millions)	For the year ended December 31, 2015			For the year ended December 31, 2014			For the period from inception (April 23, 2013) through December 31, 2013			For the ten months ended October 31, 2013
	(Successor)			(Successor)			(Successor)			(Predecessor)
Unrecognized tax benefits at beginning of period	$	27.7		$	25.6		$	—		$	22.7
Additions based on current year tax positions	20.7			1.7			0.3			0.8
Additions based upon prior year tax positions (including acquired uncertain tax positions)	72.2			7.4			26.3			0.3
Reductions due to closed statutes	(2.9		)	(6.7		)	(1.0		)	(0.3		)
Reductions for settlements and payments	(5.5		)	(0.3		)	—			—
Total unrecognized tax benefits at end of period	$	112.2		$	27.7		$	25.6		$	23.5

Summary of Income Tax Examinations

As of December 31, 2015, the following tax years remained subject to examination by the major tax jurisdictions indicated below:



Major Jurisdictions	Open Years
Belgium	2009	through current
Brazil	2009	through current
China	2009	through current
France	2009	through current
Japan	2010	through current
Mexico	2010	through current
Netherlands	2011	through current
South Africa	2011	through current
Taiwan	2010	through current
United Kingdom	2009	through current