Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of (Loss) Income Before Income Taxes

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

	2020			2019			2018
U.S.	$	(123.8	)	$	(65.1	)	$	(83.4	)
Foreign		107.9			115.7			84.7
Total	$	(15.9	)	$	50.6		$	1.3

Components of Income Tax Expense (Benefit)

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

	2020			2019		2018
U.S. Federal:
Current	$	(4.8	)	$	7.7	$	7.0
Deferred		(5.3	)		6.3		10.2
State:
Current		(0.7	)		0.4		(10.4	)
Deferred		(5.2	)		7.6		(3.2	)
Foreign:
Current		27.3			24.4		24.7
Deferred		(1.3	)		8.5		3.2
Total	$	10.0		$	54.9	$	31.5

Reconciliation of Income Tax Expense at U.S. Federal Statutory Tax Rate

The following is a reconciliation of income tax expense at the U.S. federal statutory tax rate for the years ended December 31, 2020, 2019 and 2018:

	2020			2019			2018
Income taxes at the U.S. federal statutory tax rate	$	(3.3	)	$	10.6		$	0.3
Change in valuation allowances		(3.7	)		8.1			8.3
Interest limitation valuation allowance		(8.0	)		27.8			21.2
State and local income taxes, net of U.S. federal income tax benefit		4.7			(7.3	)		(5.9	)
Foreign tax		(2.1	)		5.1			4.6
Adjustment of uncertain tax positions and interest		1.1			(0.6	)		(5.4	)
Foreign tax rate differential		(0.8	)		(0.5	)		(3.7	)
Impact of the Tax Act		—			—			5.5
Tax impact of net gain on sale of Donnelley Financial and LSC shares		—			0.5			—
Tax impact on GILTI		3.5			5.2			4.9
Corporate owned life insurance policies		17.3			—			—
Other		1.3			6.0			1.7
Total	$	10.0		$	54.9		$	31.5

Significant Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows:

	2020			2019
Deferred tax assets:
Pension and OPEB plan liabilities	$	29.1		$	38.9
Net operating losses and other tax carryforwards		195.6			205.6
Interest limitation carryforward		21.4			49.6
Accrued liabilities		48.6			53.9
Foreign depreciation		19.4			30.6
Operating lease liabilities		59.4			48.7
Other		16.7			9.4
Total deferred tax assets		390.2			436.7
Valuation allowances		(195.7	)		(237.5	)
Net deferred tax assets	$	194.5		$	199.2
Deferred tax liabilities:
Accelerated depreciation	$	(50.0	)	$	(70.3	)
Other intangible assets		(8.1	)		(9.4	)
Inventories		(8.6	)		(10.0	)
Operating lease assets		(58.1	)		(47.4	)
Other		(5.7	)		(16.4	)
Total deferred tax liabilities		(130.5	)		(153.5	)
Total net deferred tax assets	$	64.0		$	45.7

Transactions Affecting Valuation Allowance On Deferred Tax Assets

Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2020, 2019 and 2018 were as follows:

	2020			2019			2018
Balance, beginning of year	$	237.5		$	255.9		$	238.3
Current year expense-net		(44.8	)		34.5			29.1
Write-offs		—			(50.1	)		(0.2	)
Foreign exchange and other		3.0			(2.8	)		(11.3	)
Balance, end of year		195.7			237.5		$	255.9

Unrecognized Tax Benefits

Changes in unrecognized tax benefits at December 31, 2020, 2019 and 2018 were as follows:

	2020			2019			2018
Balance at beginning of year	$	23.1		$	25.0		$	30.9
Additions for tax positions of the current year		—			0.1			0.2
Additions for tax positions of prior years		4.1			—			—
Reductions for tax positions of prior years		(2.1	)		—			(2.8	)
Settlements during the year		(2.9	)		(0.4	)		(0.1	)
Lapses of applicable statutes of limitations		(1.5	)		(1.6	)		(3.2	)
Balance at end of year	$	20.7		$	23.1		$	25.0