Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, were as follows:

(In millions)	2020			2019		2018
Income before income taxes:
U.S.	$	0.8		$	284.1	$	222.9
International		(28.5	)		95.6		110.6
Total (loss) income before income taxes	$	(27.7	)	$	379.7	$	333.5
Income tax (benefit) expense:
Current:
U.S.	$	(11.3	)	$	49.1	$	18.3
International		1.7			11.8		14.9
Current income tax (benefit) expense		(9.6	)		60.9		33.2
Deferred:
U.S.		0.1			3.8		26.8
International		(51.5	)		12.1		2.5
Deferred income tax (benefit) expense		(51.4	)		15.9		29.3
Total income tax (benefit) expense	$	(61.0	)	$	76.8	$	62.5

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 21.0% to the effective income tax rate, for the year ended December 31, 2020 and 2019, 2018 is as follows:

(In millions)	2020			2019			2018
(Benefit) provision for taxes at U.S. federal statutory rate	$	(5.8	)	$	79.7		$	70.0
State and local taxes, net of federal benefit		(4.2	)		3.6			7.2
Foreign effective rate differential		(1.9	)		5.1			4.6
Tax credits		(3.0	)		(8.8	)		(7.8	)
Change in valuation allowance		(39.5	)		(1.9	)		(3.4	)
Remeasurement of deferred taxes		3.5			0.4			(9.0	)
Transition tax on undistributed foreign earnings		—			—			1.6
Excess tax benefits on stock-based compensation		(0.9	)		(4.9	)		(4.6	)
Other		(4.3	)		1.0			(0.5	)
(Decrease) increase in reserves for uncertain tax positions		(4.9	)		1.2			(1.3	)
Global intangible low taxed income		—			1.4			5.7
Total income tax (benefit) expense	$	(61.0	)	$	76.8		$	62.5

Schedule of Deferred Income Taxes

Principal components of deferred income taxes as of December 31, 2020 and 2019 are: 

(In millions)	2020			2019
Assets
Net operating loss carryforwards	$	96.5		$	71.6
Capital loss carryforward		1.6			1.7
ASC 606 - revenue from contracts with customers		8.4			9.9
Tax credit carryforwards		9.9			8.6
Stock-based compensation		7.6			7.7
Other comprehensive income		6.1			6.3
Inventory reserves		9.6			11.8
Reserves and other		5.2			1.5
Subtotal		144.9			119.1
Valuation allowance		(6.9	)		(44.7	)
Total assets	$	138.0		$	74.4
Liabilities
Accelerated depreciation		(194.5	)		(189.1	)
Accelerated amortization		(14.8	)		(13.2	)
Other		(8.8	)		(6.0	)
Total liabilities	$	(218.1	)	$	(208.3	)
Net deferred tax liabilities	$	(80.1	)	$	(133.9	)

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, 2020 and 2019 are as follows and are recorded in other assets and deferred income taxes in the consolidated balance sheets:

(In millions)	2020			2019
Long-term deferred tax assets, net	$	72.9		$	21.8
Long-term deferred tax liability, net		(153.0	)		(155.7	)
Net deferred tax liabilities	$	(80.1	)	$	(133.9	)

Schedule of Unrecognized Tax Benefits

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

	Unrecognized Tax Benefits
(In millions)	2020			2019			2018
Balance as of January 1,	$	18.1		$	7.5		$	12.3
Additions based on tax positions related to the current year		0.3			11.0			1.1
(Reductions) additions for tax positions of prior years		(7.9	)		(0.1	)		(5.7	)
Expiration of the statute of limitations for the assessment of taxes		—			(0.3	)		(0.3	)
Other, including currency translation		—			—			0.1
Balance as of December 31,	$	10.5		$	18.1		$	7.5