Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, were as follows:

(In millions)	2019		2018		2017
Income before income taxes:
U.S.	$	284.1	$	222.9	$	155.5
International		95.6		110.6		167.7
Total income before income taxes	$	379.7	$	333.5	$	323.2
Provision for income taxes:
Current:
U.S.	$	49.1	$	18.3	$	18.9
International		11.4		14.9		20.3
Current provision for income taxes		60.5		33.2		39.2
Deferred:
U.S.		3.8		26.8		(1.9	)
International		12.5		2.5		5.2
Deferred provision for income taxes		16.3		29.3		3.3
Total provision for income taxes	$	76.8	$	62.5	$	42.5

Schedule of a 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% to the effective income tax rate, for the year ended December 31, 2019 and 2018, and 35% for the year ended December 31, 2017, is as follows:

(In millions)	2019			2018			2017
Provision for taxes at U.S. federal statutory rate	$	79.7		$	70.0		$	113.1
State and local taxes, net of federal benefit		3.6			7.2			0.2
Foreign effective rate differential		5.1			4.6			(14.4	)
Tax credits		(8.8	)		(7.8	)		(16.0	)
Change in valuation allowance		(1.9	)		(3.4	)		(9.1	)
Remeasurement of deferred taxes		0.4			(9.0	)		(67.8	)
Transition tax on undistributed foreign earnings	—				1.6			45.7
Excess tax benefits on stock based compensation		(4.9	)		(4.6	)		(7.6	)
Other		1.0			(0.5	)		4.9
Increase (decrease) in reserves for uncertain tax positions		1.2			(1.3	)		(6.5	)
Global intangible low taxed income		1.4			5.7		—
Total provision for income taxes	$	76.8		$	62.5		$	42.5

Schedule of Deferred Income Taxes

Principal components of deferred income taxes as of December 31, 2019 and 2018 are: 

(In millions)	2019			2018
Assets
Net operating loss carryforwards	$	71.6		$	67.8
Capital loss carryforward	1.7			1.7
ASC 606 – revenue from contracts with customers	9.9			9.3
Tax credit carryforwards	8.6			8.1
Stock based compensation	7.7			8.4
Other comprehensive income	6.3			4.1
Reserves and other	13.3			15.6
Subtotal		119.1			115.0
Valuation allowance		(44.7	)		(48.8	)
Total assets	$	74.4		$	66.2
Liabilities
Accelerated depreciation		(189.1	)		(163.0	)
Accelerated amortization		(13.2	)		(11.8	)
Other		(6.0	)		(4.0	)
Total liabilities	$	(208.3	)	$	(178.8	)
Net deferred tax liabilities	$	(133.9	)	$	(112.6	)

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, 2019 and 2018 are as follows and are recorded in other assets and deferred income taxes in the consolidated balance sheets:

(In millions)	2019			2018
Long-term deferred tax assets, net	$	21.8		$	32.1
Long-term deferred tax liability, net		(155.7	)		(144.7	)
Net deferred tax liabilities	$	(133.9	)	$	(112.6	)

Schedule of Unrecognized Tax Benefits

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

	Unrecognized Tax Benefits
(In millions)	2019			2018			2017
Balance as of January 1,	$	7.5		$	12.3		$	16.7
Additions based on tax positions related to the current year		11.0			1.1			5.3
(Reductions) additions for tax positions of prior years		(0.1	)		(5.7	)		(6.1	)
Expiration of the statute of limitations for the assessment of taxes		(0.3	)		(0.3	)		(4.8	)
Other, including currency translation	—				0.1			1.2
Balance as of December 31,	$	18.1		$	7.5		$	12.3