Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of income before taxes

U.S. and outside U.S. components of income (loss) before income taxes were as follows:

	Year Ended December 31,
(In millions)	2020		2019		2018
United States	$	(3,073.5)	$	(1,406.5)	$	(197.0)
Outside United States	$	(11.5)	$	(729.3)	$	(1,291.1)
Loss before income taxes	$	(3,085.0)	$	(2,135.8)	$	(1,488.1)

Provision for income taxes

The provision for income taxes consisted of:

	Year Ended December 31,
(In millions)	2020		2019		2018
Current
United States	$	(4.7)	$	34.7	$	52.1
Outside United States	164.8		317.0		321.8
Total current income taxes	160.1		351.7		373.9
Deferred
United States	(3.1)		2.6		19.5
Outside United States	(3.6)		(78.0)		29.3
Total deferred income taxes	(6.7)		(75.4)		48.8
Provision for income taxes	$	153.4	$	276.3	$	422.7

Deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows: 

	December 31,
(In millions)	2020		2019
Deferred tax assets attributable to
Accrued expenses	$	147.8	$	124.4
Capital loss	21.1		21.1
Non-deductible interest	77.0		84.7
Foreign tax credit carryforwards	145.8		135.3
Other tax credits	166.8		113.2
Net operating loss carryforwards	489.0		430.5
Inventories	16.5		6.3
Research and development credit	3.4		7.6
Foreign exchange	—		20.4
Provisions for pensions and other long-term employee benefits	96.1		84.1
Contingencies	43.4		163.3
Margin recognition on construction contracts	113.9		115.9
Leases	254.9		219.8
Revenue in excess of billings on contracts accounted for under the percentage of completion method	—		10.9
Other	—		6.9
Deferred tax assets	1,575.7		1,544.4
Valuation allowance	(935.3)		(916.9)
Deferred tax assets, net of valuation allowance	640.4		627.5
Deferred tax liabilities attributable to
Revenue in excess of billings on contracts accounted for under the percentage of completion method	42.6		—
U.S. tax on foreign subsidiaries’ undistributed earnings not indefinitely reinvested	4.2		10.4
Property, plant and equipment, intangibles and other assets	185.8		279.6
Foreign exchange	27.8		—
Leases	237.0		215.2
Other	4.7		—
Deferred tax liabilities	502.1		505.2
Net deferred tax assets	$	138.3	$	122.3

Unrecognized tax benefits and associated interest and penalties

The following table presents a summary of changes in our unrecognized tax benefits: 

(In millions)	Federal, State and Foreign Tax
Balance at December 31, 2018	$	91.0
Reductions for tax positions related to prior years	(62.4)
Additions for tax positions related to current year	72.9
Reductions for tax positions due to settlements	(20.8)
Balance at December 31, 2019	$	80.7
Reductions for tax positions related to prior years	(7.9)
Additions for tax positions related to current year	0.9
Reductions for tax positions due to settlements	(2.6)
Balance at December 31, 2020	$	71.1

Reconciliation of effective tax rate

The effective income tax rate was different from the statutory U.K. income tax rate due to the following:

	Year Ended December 31,
	2020		2019		2018
Statutory income tax rate	19.0	%	19.0	%	19.0	%
Net difference resulting from
Foreign earnings subject to different tax rates	(1.5)	%	0.3	%	(9.7)	%
Adjustments to prior year taxes	(1.3)	%	(0.4)	%	(0.7)	%
Changes in valuation allowance	—	%	(8.8)	%	(14.4)	%
Deferred tax asset/liability revaluation for tax rate change	—	%	(0.5)	%	(1.7)	%
Impairments	(22.5)	%	(21.9)	%	(16.5)	%
Non-deductible legal provision	—	%	(0.8)	%	(3.8)	%
Other	1.3	%	0.2	%	(0.6)	%
Effective income tax rate	(5.0)	%	(12.9)	%	(28.4)	%