
	Years Ended December 31,
(In millions)	2020		2019	2018

Income (loss) from continuing operations before income taxes
U.S.	$	(72.9)	(90.2)	(32.9)
Foreign	152.2		183.7	75.4
Income from continuing operations before income taxes	$	79.3	93.5	42.5


Provision (benefit) for income taxes from continuing operations
Current tax expense (benefit)
U.S. federal	$	(0.8)	(0.8)	(2.3)
State	(0.6)		4.3	0.7
Foreign	86.2		90.8	92.1
Current tax expense	84.8		94.3	90.5

Deferred tax expense (benefit)
U.S. federal	(7.9)		(30.4)	(7.5)
State	(1.6)		(4.8)	(2.9)
Foreign	(18.7)		1.9	(10.1)
Deferred tax expense (benefit)	(28.2)		(33.3)	(20.5)
Provision for income taxes of continuing operations	$	56.6	61.0	70.0


	Years Ended December 31,
(In millions)	2020		2019	2018

Comprehensive provision (benefit) for income taxes allocable to
Continuing operations	$	56.6	61.0	70.0
Discontinued operations	(0.2)		0.2	—
Other comprehensive income (loss)	(12.4)		0.4	5.0
Equity	(0.6)		—	—

Comprehensive provision for income taxes	$	43.4	61.6	75.0

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 2020, 2019 and 2018.


	Years Ended December 31,
(In percentages)	2020		2019		2018

U.S. federal tax rate	21.0	%	21.0	%	21.0	%
Increases (reductions) in taxes due to:
Venezuela deconsolidation and devaluations	—		—		62.4
Foreign rate differential	12.9		17.3		39.3
Taxes on cross border income, net of credits	11.0		9.3		22.6
Tax on accelerated U.S. income(a)	—		(7.9)		—
Adjustments to valuation allowances	6.6		16.0		13.1
Foreign income taxes	10.6		13.7		18.9
Tax reform	—		—		(4.9)
French business tax	3.7		3.0		8.0
State income taxes, net	(1.6)		(2.2)		(1.3)
Share-based compensation	(3.1)		(4.8)		(14.4)
Acquisition costs	6.0		—		—
Other	4.3		(0.2)		—
Actual income tax rate on continuing operations	71.4	%	65.2	%	164.7	%

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


	December 31,
(In millions)	2020		2019

Deferred tax assets
Pension liabilities	$	85.3	62.1
Retirement benefits other than pensions	67.5		61.2
Lease liabilities	72.3		62.8
Workers’ compensation and other claims	35.6		37.0
Property and equipment, net	39.2		31.0
Other assets and liabilities	108.7		93.6
Net operating loss carryforwards	74.8		51.7
Foreign tax and other tax credits(a)	81.6		76.8
Subtotal	565.0		476.2
Valuation allowances	(128.1)		(118.3)
Total deferred tax assets	436.9		357.9

Deferred tax liabilities


Right-of-use assets, net	68.3		59.3
Goodwill and other intangibles	60.0		17.4
Other assets and miscellaneous	36.4		28.9
Deferred tax liabilities	164.7		105.6
Net deferred tax asset	$	272.2	252.3

Included in:

Noncurrent assets	314.9		273.5

Noncurrent liabilities	(42.7)		(21.2)
Net deferred tax asset	$	272.2	252.3

(a)U.S. foreign tax credits of $77.4 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.

Valuation allowances relate to deferred tax assets for certain federal credit carryforwards, certain state and non-U.S. jurisdictions. 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, 2020.


	Years Ended December 31,
(In millions)	2020		2019	2018

Valuation allowances:
Beginning of year	$	118.3	100.7	98.9
Expiring tax credits	(0.4)		(0.3)	(0.6)
Acquisitions and dispositions	4.9		3.1	(0.7)
Changes in judgment about deferred tax assets(a)	(2.4)		5.3	—
Other changes in deferred tax assets, charged to:
Income from continuing operations	8.1		10.0	6.1

Other comprehensive income (loss)	(0.3)		—	(0.3)

Foreign currency exchange effects	(0.1)		(0.5)	(2.7)
End of year	$	128.1	118.3	100.7

(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.

The gross amount of the net operating loss carryforwards as of December 31, 2020, was $526.8 million. The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2020, was $74.8 million, and expires as follows:


(In millions)	Federal		State	Foreign	Total

Years of expiration
2021-2025	$	—	—	10.6	10.6
2026-2030	—		0.8	2.5	3.3
2031 and thereafter	—		14.1	2.7	16.8
Unlimited	—		0.7	43.4	44.1
	$	—	15.6	59.2	74.8


	Years Ended December 31,
(In millions)	2020		2019	2018

Uncertain tax positions:
Beginning of year	$	12.0	9.5	10.4
Increases related to prior-year tax positions	—		0.2	0.3
Decreases related to prior-year tax positions	(0.2)		(0.8)	—
Increases related to current-year tax positions	2.3		1.4	1.3
Increases related to acquisitions	4.1		3.1	—
Decreases related to acquisitions	—		—	(0.2)
Settlements	(2.1)		(0.1)	(0.4)
Effect of the expiration of statutes of limitation	(1.4)		(1.3)	(1.1)

Foreign currency exchange effects	(0.7)		—	(0.8)
End of year	$	14.0	12.0	9.5

Included in the balance of unrecognized tax benefits at December 31, 2020, are potential benefits of approximately $13.5 million that, if recognized, will reduce the effective tax rate on income from continuing operations.

We recognize accrued interest and penalties related to unrecognized tax benefits in provision (benefit) for income taxes. We reverse interest and penalty accruals when a statute of limitation lapses or when we otherwise conclude the amounts should not be accrued. The impact of interest and penalties on the 2020, 2019 and 2018 tax provisions was not significant. We had accrued interest and penalties of $5.7 million at December 31, 2020, and $5.4 million at December 31, 2019.

We file income tax returns in the U.S. federal and various state and foreign jurisdictions. With a few exceptions, as of December 31, 2020, we were no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2017. Additionally, due to statute of limitations expirations and audit settlements, it is reasonably possible that approximately $2.7 million of currently remaining unrecognized tax positions may be recognized by the end of 2021.