Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of income (loss) from continuing operations before income taxes

	Years Ended December 31,
(In millions)	2019			2018		2017
Income (loss) from continuing operations before income taxes
U.S.	$	(90.2	)	(32.9	)	(41.6	)
Foreign	183.7			75.4		223.1
Income from continuing operations before income taxes	$	93.5		42.5		181.5

Schedule of Components of Income Tax Expense Benefit

Provision (benefit) for income taxes from continuing operations
Current tax expense (benefit)
U.S. federal	$	(0.8	)	(2.3	)	(33.7	)
State	4.3			0.7		0.4
Foreign	90.8			92.1		96.8
Current tax expense	94.3			90.5		63.5
Deferred tax expense (benefit)
U.S. federal	(30.4		)	(7.5	)	106.2
State	(4.8		)	(2.9	)	(4.9	)
Foreign	1.9			(10.1	)	(7.1	)
Deferred tax expense (benefit)	(33.3		)	(20.5	)	94.2
Provision for income taxes of continuing operations	$	61.0		70.0		157.7

Comprehensive provision (benefit) for income taxes allocation

	Years Ended December 31,
(In millions)	2019		2018	2017
Comprehensive provision (benefit) for income taxes allocable to
Continuing operations	$	61.0	70.0	157.7
Discontinued operations	0.2		—	(0.1	)
Other comprehensive income (loss)	0.4		5.0	(1.8	)
Comprehensive provision for income taxes	$	61.6	75.0	155.8

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2019 and 2018 and 35% for 2017.

	Years Ended December 31,
(In percentages)	2019		2018		2017
U.S. federal tax rate	21.0	%	21.0	%	35.0	%
Increases (reductions) in taxes due to:
Venezuela deconsolidation and devaluations	—		62.4		—
Foreign rate differential	17.3		39.3		(3.7	)
Taxes on cross border income, net of credits	9.3		22.6		2.6
Tax on accelerated U.S. income(a)	(7.9	)	—		(0.2	)
Adjustments to valuation allowances	16.0		13.1		3.4
Foreign income taxes	13.7		18.9		5.1
Tax reform	—		(4.9	)	47.4
French business tax	3.0		8.0		2.0
State income taxes, net	(2.2	)	(1.3	)	(1.3	)
Share-based compensation	(4.8	)	(14.4	)	(3.5	)
Other	(0.2	)	—		0.1
Actual income tax rate on continuing operations	65.2	%	164.7	%	86.9	%

(a)

In 2019, we recognized a benefit of $7.3 million ($0.4 million benefit in 2017) related to a previously recognized $23.5 million current tax expense that accelerated U.S. taxable income in 2015.

Schedule of Deferred Tax Assets and Liabilities

Components of Deferred Tax Assets and Liabilities

	December 31,
(In millions)	2019			2018
Deferred tax assets
Pension liabilities	$	62.1		55.4
Retirement benefits other than pensions	61.2			73.8
Lease liabilities	62.8			—
Workers’ compensation and other claims	37.0			30.6
Property and equipment, net	31.0			7.1
Other assets and liabilities	93.6			88.5
Net operating loss carryforwards	51.7			42.0
Alternative minimum and other tax credits(a)	76.8			73.4
Subtotal	476.2			370.8
Valuation allowances	(118.3		)	(100.7	)
Total deferred tax assets	357.9			270.1
Deferred tax liabilities
Right-of-use assets, net	59.3			—
Goodwill and other intangibles	17.4			22.0
Other assets and miscellaneous	28.9			28.3
Deferred tax liabilities	105.6			50.3
Net deferred tax asset	$	252.3		219.8
Included in:
Noncurrent assets	273.5			236.5
Noncurrent liabilities	(21.2		)	(16.7	)
Net deferred tax asset	$	252.3		219.8

(a)

U.S. foreign tax credits of $72.6 million have a 10 year carryforward period and the remaining credits of $4.2 million have various carryforward periods. The U.S. foreign tax credits and other U.S. tax credits have a valuation allowance.

Summary of Valuation Allowance

Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2019.

	Years Ended December 31,
(In millions)	2019			2018		2017
Valuation allowances:
Beginning of year	$	100.7		98.9		62.8
Expiring tax credits	(0.3		)	(0.6	)	(0.4	)
Acquisitions and dispositions	3.1			(0.7	)	(3.4	)
Changes in judgment about deferred tax assets(a)	5.3			—		(1.8	)
Other changes in deferred tax assets, charged to:
Income from continuing operations	10.0			6.1		43.9
Other comprehensive income (loss)	—			(0.3	)	0.2
Foreign currency exchange effects	(0.5		)	(2.7	)	(2.4	)
End of year	$	118.3		100.7		98.9

(a)

Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations.

Net Operating Losses

The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2019, was $51.7 million, and expires as follows:

(In millions)	Federal		State	Foreign	Total
Years of expiration
2020-2024	$	—	0.1	7.6	7.7
2025-2029	—		0.7	3.7	4.4
2030 and thereafter	—		15.6	0.6	16.2
Unlimited	—		—	23.4	23.4
	$	—	16.4	35.3	51.7

Uncertain Tax Positions

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Years Ended December 31,
(In millions)	2019			2018		2017
Uncertain tax positions:
Beginning of year	$	9.5		10.4		6.4
Increases related to prior-year tax positions	0.2			0.3		0.1
Decreases related to prior-year tax positions	(0.8		)	—		(0.5	)
Increases related to current-year tax positions	1.4			1.3		1.4
Increases related to acquisitions	3.1			—		4.2
Decreases related to acquisitions	—			(0.2	)	—
Settlements	(0.1		)	(0.4	)	(0.1	)
Effect of the expiration of statutes of limitation	(1.3		)	(1.1	)	(0.8	)
Foreign currency exchange effects	—			(0.8	)	(0.3	)
End of year	$	12.0		9.5		10.4