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v3.6.0.2

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Taxes |
Schedule of income before tax from U.S. and non-U.S. operations |
(in millions) |  | 2016 |  | 2015 |  | 2014
Continuing operations |  |  |  |  |  |  |  |  |
U.S. domestic |  | $ | 319.0 |  | $ | 393.8 |  | $ | 318.9
Foreign |  |  | 91.5 |  |  | 74.1 |  |  | 57.2
Total pre-tax income from continuing operations |  |  | 410.5 |  |  | 467.9 |  |  | 376.1
Discontinued operations |  |  |  |  |  |  |  |  |
U.S. domestic |  |  | (1.1) |  |  | 0.1 |  |  | (3.2)
Foreign |  |  | - |  |  | - |  |  | 1.1
Total pre-tax income (loss) from discontinued operations |  |  | (1.1) |  |  | 0.1 |  |  | (2.1)
Total pre-tax income |  | $ | 409.4 |  | $ | 468.0 |  | $ | 374.0
Summary of provision for income taxes from continuing operations |
(in millions) |  | 2016 |  | 2015 |  | 2014
Current expense |  |  |  |  |  |  |  |  |
Federal and State |  | $ | 155.5 |  | $ | 140.1 |  | $ | 118.4
Foreign |  |  | 29.2 |  |  | 24.0 |  |  | 16.1
Total current expense |  |  | 184.7 |  |  | 164.1 |  |  | 134.5
Deferred expense (benefit) |  |  |  |  |  |  |  |  |
Federal and State |  |  | (15.5) |  |  | (12.7) |  |  | (8.5)
Foreign |  |  | (9.5) |  |  | (3.1) |  |  | (1.6)
Total deferred expense (benefit) |  |  | (25.0) |  |  | (15.8) |  |  | (10.1)
Total tax expense |  | $ | 159.7 |  | $ | 148.3 |  | $ | 124.4
Schedule of reconciliation of taxes from continuing operations computed at the statutory rate to the tax provision |
(in millions) |  | 2016 |  | 2015 |  | 2014
Taxes at the 35% U.S. statutory rate |  | $ | 143.7 |  | $ | 163.8 |  | $ | 131.6
State and local taxes, net of federal income tax benefit |  |  | 8.6 |  |  | 1.9 |  |  | 7.4
Benefit of foreign earnings taxed at lower rates |  |  | (8.1) |  |  | (7.9) |  |  | (5.2)
Benefit for domestic manufacturing deduction |  |  | (12.6) |  |  | (11.5) |  |  | (8.7)
Tax credits |  |  | (10.7) |  |  | - |  |  | -
Tax impact of impairment of goodwill |  |  | 41.2 |  |  | - |  |  | -
Other, net |  |  | (2.4) |  |  | 2.0 |  |  | (0.7)
Tax expense |  | $ | 159.7 |  | $ | 148.3 |  | $ | 124.4
Effective income tax rate on continuing operations |  |  | 38.9% |  |  | 31.7% |  |  | 33.1%
Schedule of deferred tax assets (liabilities) |
(in millions) |  | 2016 |  | 2015
Deferred revenue |  | $ | 26.9 |  | $ | 25.3
Warranty reserves |  |  | 7.1 |  |  | 5.6
Inventory reserves |  |  | 12.1 |  |  | 10.9
Allowance for doubtful accounts |  |  | 4.5 |  |  | 4.6
Employee benefits |  |  | 45.2 |  |  | 41.5
Foreign loss carryforwards |  |  | 2.9 |  |  | 1.9
Federal tax credit carryovers |  |  | 6.6 |  |  | -
Deferred state tax attributes |  |  | 14.6 |  |  | 16.2
Other, net |  |  | 5.3 |  |  | (1.4)
Gross deferred assets |  |  | 125.2 |  |  | 104.6
Valuation allowances |  |  | (1.3) |  |  | (4.3)
Deferred tax assets after valuation allowances |  | $ | 123.9 |  | $ | 100.3
Depreciation |  |  | (42.4) |  |  | (46.5)
Amortization |  |  | (60.7) |  |  | (55.1)
Acquired identifiable intangibles |  |  | (134.7) |  |  | (142.4)
Gross deferred liabilities |  |  | (237.8) |  |  | (244.0)
Net deferred tax liabilities |  | $ | (113.9) |  | $ | (143.7)
Schedule of Deferred tax assets and (liabilities) included in the balance sheet |
(in millions) |  | 2016 |  | 2015
Other long-term assets |  | $ | 1.1 |  | $ | 0.3
Other long-term liabilities |  |  | (115.0) |  |  | (144.0)
Net deferred tax liabilities |  | $ | (113.9) |  | $ | (143.7)
Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before estimated interest and penalties) |
(in millions) |  | 2016 |  | 2015 |  | 2014
Balance at January 1 |  | $ | 27.7 |  | $ | 23.8 |  | $ | 10.2
Additions based on tax positions related to current year |  |  | 0.6 |  |  | 0.9 |  |  | 1.8
Additions related to purchase accounting |  |  | - |  |  | 3.0 |  |  | 13.6
Adjustments for tax positions of prior years |  |  | - |  |  | 1.3 |  |  | (0.1)
Reductions due to statute of limitations |  |  | (2.1) |  |  | (1.2) |  |  | (1.2)
Reductions due to settlements |  |  | (1.4) |  |  | - |  |  | (0.4)
Adjustments due to foreign exchange rates |  |  | (0.2) |  |  | (0.1) |  |  | (0.1)
Balance at December 31 |  | $ | 24.6 |  | $ | 27.7 |  | $ | 23.8

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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