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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes and Provision for Income Taxes

Income before income taxes and the provision for income taxes, for the three years ended December 31, 2021, were as follows:

 

(In millions)

 

2021

 

 

2020

 

 

2019

 

Income before income taxes:

 

 

 

 

 

 

 

 

 

U.S.

 

$

21.7

 

 

$

0.8

 

 

$

284.1

 

International

 

 

0.3

 

 

 

(28.5

)

 

 

95.6

 

Total income (loss) before income taxes

 

$

22.0

 

 

$

(27.7

)

 

$

379.7

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

U.S.

 

$

5.4

 

 

$

(11.3

)

 

$

49.1

 

International

 

 

3.1

 

 

 

1.7

 

 

 

11.8

 

Current income tax expense (benefit)

 

 

8.5

 

 

 

(9.6

)

 

 

60.9

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S.

 

 

(2.3

)

 

 

0.1

 

 

 

3.8

 

International

 

 

(0.3

)

 

 

(51.5

)

 

 

12.1

 

Deferred income tax (benefit) expense

 

 

(2.6

)

 

 

(51.4

)

 

 

15.9

 

Total income tax expense (benefit)

 

$

5.9

 

 

$

(61.0

)

 

$

76.8

 

Schedule of Reconciliation of the Provision for Income Taxes at the U.S. Federal Statutory Income Tax Rate to the Actual Income Tax Provision

A reconciliation of the provision for income taxes at the U.S. federal statutory income tax rate of 21.0% to the effective income tax rate, for the year ended December 31, 2021, 2020 and 2019 is as follows:

 

(In millions)

 

2021

 

 

2020

 

 

2019

 

Provision (benefit) for taxes at U.S. federal statutory rate

 

$

4.6

 

 

$

(5.8

)

 

$

79.7

 

State and local taxes, net of federal benefit

 

 

(0.1

)

 

 

(4.2

)

 

 

3.6

 

Foreign effective rate differential

 

 

0.7

 

 

 

(1.9

)

 

 

5.1

 

Tax credits

 

 

(3.5

)

 

 

(3.0

)

 

 

(8.8

)

Change in valuation allowance

 

 

0.7

 

 

 

(39.5

)

 

 

(1.9

)

Remeasurement of deferred taxes

 

 

1.4

 

 

 

3.5

 

 

 

0.4

 

Excess tax benefits on stock-based compensation

 

 

(0.2

)

 

 

(0.9

)

 

 

(4.9

)

Other

 

 

2.6

 

 

 

(4.3

)

 

 

1.0

 

(Decrease) increase in reserves for uncertain tax positions

 

 

(0.3

)

 

 

(4.9

)

 

 

1.2

 

Global intangible low taxed income

 

 

 

 

 

 

 

 

1.4

 

Total income tax expense (benefit)

 

$

5.9

 

 

$

(61.0

)

 

$

76.8

 

Schedule of Deferred Income Taxes Principal components of deferred income taxes as of December 31, 2021 and 2020 are:

 

(In millions)

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Net operating loss carryforwards

 

$

93.5

 

 

$

96.5

 

Capital loss carryforward

 

 

1.6

 

 

 

1.6

 

ASC 606 - revenue from contracts with customers

 

 

5.7

 

 

 

8.4

 

Tax credit carryforwards

 

 

10.3

 

 

 

9.9

 

Stock-based compensation

 

 

7.8

 

 

 

7.6

 

Other comprehensive income

 

 

21.1

 

 

 

6.1

 

Inventory reserves

 

 

11.5

 

 

 

9.6

 

Right of use liability

 

 

12.2

 

 

 

14.4

 

Reserves and other

 

 

8.3

 

 

 

5.2

 

Subtotal

 

 

172.0

 

 

 

159.3

 

Valuation allowance

 

 

(7.6

)

 

 

(6.9

)

Total assets

 

$

164.4

 

 

$

152.4

 

Liabilities

 

 

 

 

 

 

Accelerated depreciation

 

 

(188.8

)

 

 

(194.5

)

Accelerated amortization

 

 

(17.3

)

 

 

(14.8

)

Right of use asset

 

 

(12.2

)

 

 

(14.4

)

Other

 

 

(17.0

)

 

 

(8.8

)

Total liabilities

 

 

(235.3

)

 

$

(232.5

)

Net deferred tax liabilities

 

$

(70.9

)

 

$

(80.1

)

Schedule of Classification of Deferred Tax Assets and Deferred Tax Liabilities in Consolidated Balance Sheets

Deferred tax assets and deferred tax liabilities as presented in the Consolidated Balance Sheets as of December 31, 2021 and 2020 are as follows and are recorded in other assets and deferred income taxes in the Consolidated Balance Sheets:

 

(In millions)

 

2021

 

 

2020

 

Long-term deferred tax assets, net

 

$

69.1

 

 

$

72.9

 

Long-term deferred tax liability, net

 

 

(140.0

)

 

 

(153.0

)

Net deferred tax liabilities

 

$

(70.9

)

 

$

(80.1

)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits.

 

 

 

Unrecognized Tax Benefits

 

(In millions)

 

2021

 

 

2020

 

 

2019

 

Balance as of January 1,

 

$

10.5

 

 

$

18.1

 

 

$

7.5

 

Additions based on tax positions related to the current year

 

 

0.2

 

 

 

0.3

 

 

 

11.0

 

(Reductions) additions for tax positions of prior years

 

 

 

 

 

(7.9

)

 

 

(0.1

)

Expiration of the statute of limitations for the assessment of taxes

 

 

(1.0

)

 

 

 

 

 

(0.3

)

Balance as of December 31,

 

$

9.7

 

 

$

10.5

 

 

$

18.1