INCOME TAXES INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) from continuing operations before income taxes are as follows (in millions):


	Year Ended December 31,
	2020		2019		2018
United States	$	(148.8)	$	(32.4)	$	(9.5)
Foreign	159.8		279.9		296.6
Income (loss) from continuing operations before income taxes	$	11.0	$	247.5	$	287.1

Schedule of Components of Income Tax Expense (Benefit)

The major components of the Company’s provision for (benefit from) income taxes on continuing operations before income taxes are summarized below (in millions):


	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	(27.1)	$	14.7	$	21.4
State	2.3		1.2		1.8
Foreign	21.3		38.1		31.2
Current income tax provision (benefit)	(3.5)		54.0		54.4
Deferred:
Federal	1.2		(14.9)		(14.4)
State	4.3		(3.3)		1.2
Foreign	—		2.0		4.2
Deferred income tax (benefit) provision	5.5		(16.2)		(9.0)
Provision for (benefit from) income taxes	$	2.0	$	37.8	$	45.4

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the basis differences and loss carry forwards as of December 31, 2020 and 2019 for continuing operations are summarized below for major balance sheet captions (in millions):


	2020		2019
Property, plant and equipment	$	(18.1)	$	(14.5)
Intangibles	(6.1)		(4.7)


Inventories	6.1		6.4
Accrued warranties and product liability	12.5		9.8
Loss carry forwards	204.4		198.5
Retirement plans	14.0		13.3
Accrued compensation and benefits	16.8		22.0



Operating lease ROU asset	(26.1)		(30.9)
Operating lease liability	27.0		32.2
Other	18.5		9.2
Deferred tax assets valuation allowance	(112.1)		(107.0)
Net deferred tax assets (liabilities)	$	136.9	$	134.3

Schedule of Effective Income Tax Rate Reconciliation

The Company’s Provision for (benefit from) income taxes is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s Income (loss) from continuing operations before income taxes. The reasons for the difference are summarized as follows (in millions):


	Year Ended December 31,
	2020		2019		2018
Tax at statutory federal income tax rate	$	2.3	$	51.9	$	60.3
State taxes	5.2		(1.7)		2.3
Change in valuation allowance	—		(4.9)		(13.9)
Foreign tax differential on income/losses of foreign subsidiaries	(13.0)		(14.5)		(18.0)
U.S. tax on multi-national operations	17.6		7.2		16.3
Change in foreign tax rates	0.7		3.7		0.7


U.S. tax legislation	(10.9)		—		5.5
Research and development	(1.2)		(2.0)		(0.5)
Provision to return adjustments	(1.7)		(2.4)		0.2
Compensation	3.1		1.1		0.2
Pension plan settlement	—		—		(7.1)
Other	(0.1)		(0.6)		(0.6)
Provision for (benefit from) income taxes	$	2.0	$	37.8	$	45.4

Summary of Income Tax Contingencies

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions).


Balance as of January 1, 2018	$	33.7
Additions for current year tax positions	—
Additions for prior year tax positions	6.1
Reductions for prior year tax positions	(14.8)
Reductions for current year tax positions	—
Reductions for expiration of statute of limitations	(0.8)
Settlements	(10.7)

Balance as of December 31, 2018	13.5
Additions for current year tax positions	—
Additions for prior year tax positions	2.0
Reductions for prior year tax positions	(0.4)
Reductions for current year tax positions	—
Reductions for expiration of statute of limitations	(0.8)
Settlements	—

Balance as of December 31, 2019	14.3
Additions for current year tax positions	—
Additions for prior year tax positions	9.2
Reductions for prior year tax positions	(3.7)
Reductions for current year tax positions	—
Reductions for expiration of statute of limitations	—
Settlements	(1.3)

Balance as of December 31, 2020	$	18.5