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Income Tax
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
Our income (loss) before income taxes on which the provision for income taxes was computed is as follows:
 For the years ended
 December 31, 2021December 31, 2020December 31, 2019
 (In millions)
Domestic$1,307.5 $1,151.7 $1,136.1 
Foreign(68.5)(1,795.6)(656.2)
Total$1,239.0 $(643.9)$479.9 
The components of the provision for income taxes are as follows:
 For the years ended
 December 31, 2021December 31, 2020December 31, 2019
 (In millions)
Current   
Federal$43.5 $79.0 $69.1 
State7.1 5.2 9.4 
Foreign(1.0)111.4 46.7 
Total current tax (benefit) expense$49.6 $195.6 $125.2 
Deferred   
Federal$163.5 $101.9 $128.3 
State70.4 19.5 22.2 
Foreign(53.0)(15.2)(42.0)
Total deferred tax (benefit) expense$180.9 $106.2 $108.5 
Total income tax (benefit) expense$230.5 $301.8 $233.7 
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:
 For the years ended
 December 31, 2021December 31, 2020December 31, 2019
($ in millions)
Statutory federal income tax rate21.0 %$260.2 21.0 %$(135.2)21.0 %$100.8 
State income taxes, net of federal benefits4.7 %57.8 (1.7)%11.0 3.4 %16.4 
Effect of foreign tax rates(5.5)%(68.3)3.5 %(22.3)(21.2)%(101.8)
Effect of foreign tax law and rate changes1.6 %19.6 (0.9)%6.0 — %— 
Effect of unrecognized tax benefits(6.2)%(76.3)(26.1)%167.9 3.7 %18.0 
Change in valuation allowance(0.1)%(1.1)1.3 %(8.4)6.0 %28.8 
Goodwill impairment(0.2)%(2.9)(41.4)%266.8 36.5 %175.3 
Other, net3.3 %41.5 (2.6)%16.0 (0.7)%(3.8)
Effective tax rate / Tax (benefit) expense18.6 %$230.5 (46.9)%$301.8 48.7 %$233.7 
The decrease to the effective tax rate for fiscal year 2021 when compared to the statutory rate is primarily due to the release of $73 million of reserves for unrecognized tax benefit positions recognized in the third quarter of 2021. The reserve release included amounts for an income tax audit settlement, net of changes in estimates associated with prior period uncertain tax positions, as well as amounts for the expiration of statutes of limitations. Additionally, during the second quarter of 2021, the U.K. government enacted, and royal assent was received for, legislation to increase the corporate income tax rate from 19% to 25%. Remeasurement of our deferred tax liabilities under the higher income tax rate resulted in the recognition of additional discrete tax expense of approximately $18 million in the second quarter of 2021.
The decrease to the effective tax rate for fiscal year 2020 when compared to the statutory rate was primarily due to the impact of the $1,484.3 million goodwill impairment, recorded within our EMEA&APAC segment in the fourth quarter of 2020,
of which a majority related to nondeductible goodwill. Additionally, during the second quarter of 2020 we recognized approximately $135 million of tax expense following the enactment of the final U.S. tax hybrid regulations.
The increase in the effective tax rate for fiscal year 2019 when compared to the statutory rate was primarily due to the $668.3 million goodwill impairment recorded within our Americas segment in 2019, increased valuation allowances, and the recognition of other one-time tax expenses.
Additionally, our foreign businesses operate in jurisdictions with statutory income tax rates that differ from the U.S. Federal statutory rate. Specifically, the statutory income tax rates in the countries in Europe in which we operate range from 9% to 25.8%, and Canada has a combined federal and provincial statutory income tax rate of approximately 26%.
 As of
 December 31, 2021December 31, 2020
 (In millions)
Non-current deferred tax assets  
Compensation-related obligations$54.8 $60.9 
Pension and postretirement benefits24.5 102.4 
Derivative instruments— 76.5 
Tax credit carryforwards38.3 56.2 
Tax loss carryforwards359.0 331.6 
Accrued liabilities and other97.7 75.5 
Valuation allowance(60.7)(62.2)
Total non-current deferred tax assets$513.6 $640.9 
Non-current deferred tax liabilities:  
Fixed assets422.4 358.3 
Partnerships and investments29.7 19.6 
Intangible assets2,539.7 2,396.9 
Derivative instruments19.5 — 
Total non-current deferred tax liabilities$3,011.3 $2,774.8 
Net non-current deferred tax liabilities$2,497.7 $2,133.9 
The overall increase in net deferred tax liabilities of $363.8 million in 2021 was due to the $236.5 million increase in deferred tax liabilities and the decrease in deferred tax assets of $127.3 million. The increase in deferred tax liabilities was primarily due to the amortization of goodwill and indefinite-lived intangible assets for U.S. tax purposes due to the Acquisition. The decrease in the deferred tax assets was due to changes in our unrealized commodity mark to market and pension temporary differences and decreases in our tax credit carryforwards, partially offset by increases in our tax loss carryforwards and future deductible temporary differences generated in 2021. Additionally, our deferred tax balances are impacted by foreign exchange rates, as a significant amount of our deferred tax assets and liabilities are denominated in foreign currency.
Our deferred tax valuation allowances are primarily the result of uncertainties regarding the future realization of recorded tax benefits on tax loss carryforwards from operations in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results and the availability of prudent and feasible tax planning strategies. Based on this analysis, we have determined that the valuation allowances recorded in each period presented are appropriate.
We have deferred tax assets for U.S. tax carryforwards that expire between 2022 and 2041 of $71.4 million as of December 31, 2021, and that expired between 2021 and 2040 of $62.4 million as of December 31, 2020. We have U.S. tax losses that may be carried forward indefinitely of $14.0 million and $19.9 million as of December 31, 2021 and December 31, 2020, respectively. We have foreign tax loss carryforwards that expire between 2022 and 2041 of $286.5 million as of December 31, 2021, and that expired between 2021 and 2040 of $283.5 million as of December 31, 2020. We have foreign tax losses that may be carried forward indefinitely of $25.4 million and $22.0 million as of December 31, 2021 and December 31, 2020, respectively.
 As of
 December 31, 2021December 31, 2020
 (In millions)
Domestic net non-current deferred tax liabilities$1,825.9 $1,542.8 
Foreign net non-current deferred tax assets180.2 105.7 
Foreign net non-current deferred tax liabilities852.0 696.8 
Net non-current deferred tax liabilities$2,497.7 $2,133.9 
The total foreign non-current deferred tax assets above are presented within other assets on the consolidated balance sheets. The total domestic and foreign non-current deferred tax liabilities above are presented separately on the consolidated balance sheets. In addition, the deferred tax liability amounts above as of December 31, 2021 and December 31, 2020, exclude $26.7 million and $142.1 million, respectively, of unrecognized tax benefits that have been recorded as a reduction of non-current deferred tax assets, which is presented within non-current deferred tax liabilities due to jurisdictional netting on the consolidated balance sheets.
A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows:
 For the years ended
 December 31, 2021December 31, 2020December 31, 2019
 (In millions)
Balance at beginning of year$235.7 $72.4 $51.6 
Additions for tax positions related to the current year28.6 22.8 18.1 
Additions for tax positions of prior years— 132.1 — 
Reductions for tax positions related to the current year(24.1)— — 
Reductions for tax positions of prior years(48.9)(1.6)— 
Settlements(161.8)(0.4)— 
Release due to statute expirations(3.4)— (0.8)
Foreign currency adjustment1.9 10.4 3.5 
Balance at end of year$28.0 $235.7 $72.4 
Our remaining unrecognized tax benefits as of December 31, 2021, relate to tax years that are currently open to examination. Annual tax provisions include amounts considered sufficient to pay assessments that may result from examination of prior year tax returns; however, the amount ultimately paid upon resolution of issues may differ materially from the amount accrued.
During the third quarter of 2021, an income tax audit settlement, which included the resolution of the impact of the final hybrid regulations recorded in the second quarter of 2020, was reached with taxing authorities. The settlement, along with changes to other unrecognized positions resulted in the net reduction of our unrecognized tax benefit position by approximately $250 million, including interest, in the third quarter of 2021. The cash tax payment associated with the settlement, after application of available net operating losses, was made in the fourth quarter of 2021 which totaled approximately $125 million. As of the fourth quarter of 2021, we do not anticipate material changes to our remaining unrecognized tax benefit position within the next 12 months.    
 For the years ended
 December 31, 2021December 31, 2020December 31, 2019
(In millions)
Reconciliation of unrecognized tax benefits balance
Estimated interest and penalties$0.1 $11.4 $2.9 
Unrecognized tax positions28.0 235.7 72.4 
Total unrecognized tax benefits$28.1 $247.1 $75.3 
Presented net against non-current deferred tax assets$26.7 $142.1 $68.4 
Current (included in accounts payable and other current liabilities)— 98.0 — 
Non-current (included within other liabilities)1.4 7.0 6.9 
Total unrecognized tax benefits$28.1 $247.1 $75.3 
Amount of unrecognized tax benefits that would impact the effective tax rate, if recognized(1)
$18.6 $87.7 $72.4 
(1)Amounts exclude the potential effects of valuation allowances, which may fully or partially offset the impact to the effective tax rate.
We file income tax returns in most of the federal, state and provincial jurisdictions in the U.S., Canada and various countries in Europe. Tax years through 2013 are closed in the U.S. In Canada, tax years through 2016 are closed or have been effectively settled through examination except for issues relating to intercompany cross-border transactions. The statute of limitations for intercompany cross-border transactions is closed through tax year 2012. Tax years through 2013 are closed for most European jurisdictions in which we operate, with statutes of limitations varying from 3 to 7 years for most jurisdictions.
When cash is available after satisfying working capital needs and all other business obligations, we may distribute such cash from a foreign subsidiary to its U.S. parent and record the tax impact associated with the distribution. However, to the extent current earnings of our foreign operations exist and are not otherwise distributed or planned to be distributed, such earnings accumulate. These accumulated earnings are considered permanently reinvested in our foreign operations. We currently would not expect the aggregate of these permanently reinvested earnings, which are largely in deficit positions for U.S. tax purposes, to result in any material U.S. taxes, if distributed.