Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes for the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021			2020			2019
U.S.	$	(75.8	)	$	(123.8	)	$	(65.1	)
Foreign		124.5			107.9			115.7
Total	$	48.7		$	(15.9	)	$	50.6

Components of Income Tax Expense

The components of income tax expense for the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021			2020			2019
U.S. Federal:
Current	$	6.5		$	(4.8	)	$	7.7
Deferred		7.0			(5.3	)		6.3
State:
Current		(2.3	)		(0.7	)		0.4
Deferred		2.4			(5.2	)		7.6
Foreign:
Current		27.8			27.3			24.4
Deferred		3.5			(1.3	)		8.5
Total	$	44.9		$	10.0		$	54.9

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, 2021, 2020 and 2019:

	2021			2020			2019
Income taxes at the U.S. federal statutory tax rate	$	10.3		$	(3.3	)	$	10.6
Change in valuation allowances		(3.2	)		(3.7	)		8.1
Interest limitation valuation allowance		18.8			(8.0	)		27.8
State and local income taxes, net of U.S. federal income tax benefit		5.5			4.7			(7.3	)
Foreign tax		2.9			(2.1	)		5.1
Adjustment of uncertain tax positions and interest		(5.6	)		1.1			(0.6	)
Foreign tax rate differential		(0.3	)		(0.8	)		(0.5	)
Tax impact of net gain on sale of Donnelley Financial and LSC shares		—			—			0.5
Global intangible low-taxed income		5.0			3.5			5.2
Corporate owned life insurance policies		—			17.3			—
Non-deductible compensation	9.1				—			—
Other		2.4			1.3			6.0
Total	$	44.9		$	10.0		$	54.9

Significant Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities at December 31, 2021 and 2020 were as follows:

	2021			2020
Deferred tax assets:
Pension and OPEB plan liabilities	$	—		$	29.1
Net operating losses and other tax carryforwards		189.5			195.6
Interest limitation carryforward		38.6			21.4
Accrued liabilities		37.7			48.6
Foreign depreciation		8.2			19.4
Operating lease liabilities		55.9			59.4
Other		14.1			16.7
Total deferred tax assets		344.0			390.2
Valuation allowances		(200.7	)		(195.7	)
Net deferred tax assets	$	143.3		$	194.5
Deferred tax liabilities:
Accelerated depreciation	$	(36.3	)	$	(50.0	)
Other intangible assets		(6.4	)		(8.1	)
Inventories		(10.4	)		(8.6	)
Operating lease assets		(54.6	)		(58.1	)
Pension and OPEB plan liabilities		(10.3	)		—
Other		(8.3	)		(5.7	)
Total deferred tax liabilities		(126.3	)		(130.5	)
Total net deferred tax assets	$	17.0		$	64.0

Transactions Affecting Valuation Allowance On Deferred Tax Assets

Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2021, 2020 and 2019 were as follows:

	2021			2020			2019
Balance, beginning of year	$	195.7		$	237.5		$	255.9
Current year expense-net		13.3			(44.8	)		34.5
Write-offs		—			—			(50.1	)
Foreign exchange and other		(8.3	)		3.0			(2.8	)
Balance, end of year	$	200.7		$	195.7		$	237.5

Unrecognized Tax Benefits

Changes in unrecognized tax benefits at December 31, 2021, 2020 and 2019 were as follows:

	2021			2020			2019
Balance at beginning of year	$	20.7		$	23.1		$	25.0
Additions for tax positions of the current year		—			—			0.1
Additions for tax positions of prior years		—			4.1			—
Reductions for tax positions of prior years		—			(2.1	)		—
Settlements during the year		(3.9	)		(2.9	)		(0.4	)
Lapses of applicable statutes of limitations		(2.8	)		(1.5	)		(1.6	)
Balance at end of year	$	14.0		$	20.7		$	23.1