INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

United States and International Components of Loss before Income Taxes

The U.S. and International components of income (loss) before income taxes consisted of the following for the years ended, December 31:

In millions
	2020		2019		2018
United States	$	65.6	$	(150.5)	$	(189.1)
Foreign	(121.6)		(212.3)		(86.3)
Total loss before income taxes	$	(56.0)	$	(362.8)	$	(275.4)

Significant Components of Income Tax Benefit (Expense)

Significant components of the Company’s income tax benefit (expense) for the years ended December 31, are as follows:

In millions
	2020		2019		2018
Current
United States - federal	$	108.3	$	—	$	—
United States - state and local	(2.9)		(10.7)		(0.4)
Foreign	(6.0)		(6.4)		(8.5)
	99.4		(17.1)		(8.9)
Deferred
United States - federal	(85.9)		23.9		24.4
United States - state and local	(13.7)		8.0		11.2
Foreign	0.3		2.0		3.1
	(99.3)		33.9		38.7
Total benefit	$	0.1	$	16.8	$	29.8

Reconciliation of Income Tax Provision Computed at Federal Statutory Rate to Effective Tax Rate

A reconciliation of the income tax provision computed at the federal statutory rate to the effective tax rate for the years ended December 31, are as follows:

	2020		2019		2018
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local taxes, net of federal tax effect	(11.2	%)	1.2	%	4.2	%
Foreign tax rates	14.3	%	5.1	%	4.2	%
Permanent - other items	(2.1	%)	(4.2	%)	0.5	%
Permanent - goodwill impairment	—	%	(14.1	%)	(9.1	%)
CARES Act / Tax Act	79.2	%	—	%	(3.2	%)
Valuation allowance	(26.5	%)	(1.2	%)	(7.5	%)
Divestitures	(62.7	%)	1.2	%	—	%
Stock-based compensation and executive compensation disallowance	(11.9	%)	(1.0	%)	1.2	%
Other	0.1	%	(3.4	%)	(0.5	%)
Effective tax rate	0.2	%	4.6	%	10.8	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets at December 31, were as follows:

In millions
	2020		2019
Deferred tax liabilities:
Property, plant and equipment	$	(49.0)	$	(68.1)
Goodwill and intangibles	(391.2)		(417.9)
Leases - right of use asset	(91.3)		(84.5)
Other	(17.1)		(10.9)
Total deferred tax liabilities	(548.6)		(581.4)
Deferred tax assets:
Accrued liabilities	63.1		87.8
Leases - right of use liability	96.5		88.7
Net operating tax loss carry-forwards	49.0		116.2
Interest expense carry-forward	11.3		31.2
Other	15.0		11.4
Less: valuation allowance	(52.0)		(39.4)
Total deferred tax assets	182.9		295.9
Net deferred tax liabilities	$	(365.7)	$	(285.5)

Summary of Net Tax Benefit Recognized Related to Tax Act

The net tax benefit recognized during the year ended December 31, 2017, related to the Tax Act was as follows:

In millions
Remeasurement of net deferred tax liabilities due to enacted rate reduction	$	167.7
Section 965 transition tax on foreign earnings	(24.3)
Foreign withholding taxes on such earnings	(13.6)
Net tax benefit from the Tax Act	$	129.8

Summary of Aggregate Changes in Unrecognized Tax benefits

The following table summarizes the aggregate changes in unrecognized tax benefits:

In millions
Unrecognized tax positions as of December 31, 2018	$	64.7
Gross increases - tax positions in prior periods	1.2
Gross increases - current period tax positions	4.6
Settlements	(0.2)
Lapse of statute of limitations	(7.6)
Unrecognized tax positions as of December 31, 2019	62.7
Gross increases (decreases) - tax positions in prior periods	(33.5)
Gross increases - current period tax positions	2.4
Settlements	(0.8)
Lapse of statute of limitations	(6.5)
Unrecognized tax positions as of December 31, 2020	$	24.3