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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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:


In millions
	Year Ended December 31,
	2022		2021		2020
U.S.	$	84.6	$	(14.0)	$	65.6
International	(5.7)		14.7		(121.6)
Total income (loss) before income taxes	$	78.9	$	0.7	$	(56.0)

Significant Components of Income Tax Benefit (Expense)

Significant components of the Company’s income tax (expense) benefit are as follows:


In millions
	Year Ended December 31,
	2022		2021		2020
Current
U.S. - federal	$	8.1	$	4.9	$	108.3
U.S. - state and local	(2.3)		(1.4)		(2.9)
International	(4.6)		(6.4)		(6.0)
	1.2		(2.9)		99.4
Deferred
U.S. - federal	(23.7)		(17.0)		(85.9)
U.S. - state and local	(1.9)		(4.6)		(13.7)
International	2.0		(3.0)		0.3
	(23.6)		(24.6)		(99.3)
Total (expense) benefit	$	(22.4)	$	(27.5)	$	0.1

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

A reconciliation of the income tax provision computed at the U.S. federal statutory rate to the effective tax rate is as follows:


	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Effect of:
State and local taxes, net of federal tax effect	1.9	%	204.2	%	(15.1	%)
International tax rates	(4.2	%)	(864.4	%)	10.9	%


FCPA Settlement accrual and other penalty matters	3.2	%	3,118.2	%	—	%
CARES Act and other tax matters	—	%	(268.4	%)	79.2	%
Valuation allowance	11.0	%	1,727.9	%	(26.5	%)
Divestitures	(0.8	%)	(708.4	%)	(62.7	%)
Stock-based compensation and executive compensation disallowance	9.4	%	908.6	%	(11.9	%)
Statute of limitations lapses	(13.0	%)	(584.7	%)	12.6	%
Other	(0.1	%)	275.0	%	(7.3	%)
Effective tax rate	28.4	%	3,829.0	%	0.2	%

Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets were as follows:


In millions
	December 31,
	2022		2021
Deferred tax liabilities:
Property, plant and equipment	$	(94.4)	$	(87.2)
Goodwill and intangibles	(400.6)		(394.4)
Leases - right of use asset	(94.8)		(89.9)
Other	(17.3)		(15.7)
Total deferred tax liabilities	(607.1)		(587.2)
Deferred tax assets:
Accrued liabilities	59.5		58.6
Leases - right of use liability	100.2		95.1
Net operating tax loss carry-forwards	63.4		73.4
Interest expense carry-forward	23.4		15.3
Other	14.0		11.7
Less: valuation allowance	(67.2)		(61.4)
Total deferred tax assets	193.3		192.7
Net deferred tax liabilities	$	(413.8)	$	(394.5)

Summary of Valuation Allowance

The changes in the valuation allowance on deferred tax assets is as follows:



In millions



	Year Ended December 31,
	2022		2021		2020
Balances at beginning of period	$	61.4	$	52.0	$	39.4
Additions Charged to Income Tax Expense(1)	6.8		10.5		17.8
Other Changes to Reserves (2)	(1.0)		(1.1)		(5.2)
Balances at end of period	$	67.2	$	61.4	$	52.0

(1)2022 and 2021 amounts include valuation allowances on business operations (including the U.K., Brazil, and Spain). 2020 amount includes valuation allowances on business operations (including the U.K. and Brazil).

(2)2022, 2021 and 2020 amounts consist primarily of currency translation adjustments.

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, 2020	$	24.3
Gross decreases - tax positions in prior periods	(5.7)
Gross increases - current period tax positions	5.3
Settlements	(0.2)
Lapse of statute of limitations	(4.0)
Unrecognized tax positions as of December 31, 2021	19.7
Gross decreases - tax positions in prior periods	(0.6)
Gross increases - current period tax positions	0.6
Settlements	(1.4)
Lapse of statute of limitations	(8.3)
Unrecognized tax positions as of December 31, 2022	$	10.0