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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Schedule income tax provision (benefit) | The income tax provision (benefit) was as follows:
(in millions) |  | 2013 |  | 2012 |  | 2011
Continuing operations: |  |  |  |  |  |
Current: |  |  |  |  |  |
Federal |  | $ | (127.5 | ) |  | $ | 82.3 |  |  | $ | 40.3 |
State |  | (10.2 | ) |  | 8.7 |  |  | 7.5 |
Foreign |  | 7.9 |  |  | 9.0 |  |  | 12.5 |
Total |  | (129.8 | ) |  | 100.0 |  |  | 60.3 |
Deferred: |  |  |  |  |  |
Federal |  | 62.7 |  |  | (27.6 | ) |  | 48.4 |
State |  | 4.6 |  |  | 0.1 |  |  | 2.4 |
Foreign |  | (1.1 | ) |  | (0.1 | ) |  | (0.7 | )
Total |  | 66.2 |  |  | (27.6 | ) |  | 50.1 |
Income tax provision (benefit) from continuing operations |  | $ | (63.6 | ) |  | $ | 72.4 |  |  | $ | 110.4 |
Income tax provision from discontinued operations |  | $ | 161.4 |  |  | $ | 3.8 |  |  | $ | 5.9 |
Total company income tax provision |  | $ | 97.8 |  |  | $ | 76.2 |  |  | $ | 116.3 |
Schedule of effective income tax rate reconciliation | The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit) from continuing operations:
|  | Income Tax Provision
(in millions) |  | 2013 |  | 2012 |  | 2011
Taxes computed at the federal rate |  | $ | (54.2 | ) |  | $ | 81.3 |  |  | $ | 112.7 |
State and local income taxes, net of federal tax benefit |  | (11.8 | ) |  | 0.6 |  |  | 3.8 |
Tax reserve adjustments |  | (10.2 | ) |  | (0.4 | ) |  | (1.7 | )
Repatriation of foreign earnings |  | 9.4 |  |  | 1.3 |  |  | 3.1 |
Valuation allowance |  | 9.1 |  |  | 2.2 |  |  | 1.2 |
Adjustment to prior years’ taxes |  | (5.3 | ) |  | 1.4 |  |  | 1.2 |
Foreign earnings taxed at different rate |  | (2.5 | ) |  | (10.2 | ) |  | (8.4 | )
Manufacturing deduction |  | — |  |  | (7.1 | ) |  | (3.3 | )
Other |  | 1.9 |  |  | 3.3 |  |  | 1.8 |
Income tax provision |  | $ | (63.6 | ) |  | $ | 72.4 |  |  | $ | 110.4 |
Schedule of income before income tax | Income (loss) from continuing operations before income taxes for the Company’s U.S. and non-U.S. operations was as follows:
(in millions) |  | 2013 |  | 2012 |  | 2011
U.S. |  | $ | (180.0 | ) |  | $ | 178.4 |  |  | $ | 265.5 |
Non-U.S. |  | 25.2 |  |  | 53.9 |  |  | 56.6 |
Income (loss) from continuing operations before income taxes |  | $ | (154.8 | ) |  | $ | 232.3 |  |  | $ | 322.1 |
Schedule of income taxes paid | Income taxes paid and amounts received as refunds were as follows:
(in millions) |  | 2013 |  | 2012 |  | 2011
Income taxes paid |  | $ | 21.4 |  |  | $ | 101.7 |  |  | $ | 49.2 |
Income tax refunds received |  | (18.3 | ) |  | (15.8 | ) |  | (41.0 | )
Income taxes paid, net |  | $ | 3.1 |  |  | $ | 85.9 |  |  | $ | 8.2 |
Schedule of deferred tax assets and liabilities | The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 31, 2013 and 2012 were as follows:
(in millions) |  | 2013 |  | 2012
Deferred income tax assets |  |  |  |
Pensions |  | $ | 115.7 |  |  | $ | 247.1 |
Postretirement benefits other than pensions |  | 182.9 |  |  | 210.4 |
State net operating loss tax carryovers |  | 32.2 |  |  | 35.9 |
Federal and state tax credits |  | 42.0 |  |  | 39.9 |
Deferred compensation and other benefit plans |  | 29.4 |  |  | 28.1 |
Self insurance reserves |  | 10.1 |  |  | 10.4 |
Other items |  | 79.5 |  |  | 64.3 |
Gross deferred income tax assets |  | 491.8 |  |  | 636.1 |
Valuation allowance for deferred tax assets |  | (33.9 | ) |  | (24.8 | )
Total deferred income tax assets |  | 457.9 |  |  | 611.3 |
Deferred income tax liabilities |  |  |  |
Bases of property, plant and equipment |  | 488.1 |  |  | 400.2 |
Inventory valuation |  | 66.5 |  |  | 77.1 |
Bases of amortizable intangible assets |  | 67.1 |  |  | 70.5 |
Other items |  | 46.3 |  |  | 16.0 |
Total deferred tax liabilities |  | 668.0 |  |  | 563.8 |
Net deferred tax asset (liability) |  | $ | (210.1 | ) |  | $ | 47.5 |
Schedule of changes in unrecognized income tax benefits | The changes in the liability for unrecognized income tax benefits for the years ended December 31, 2013, 2012 and 2011 were as follows:
(in millions) |  | 2013 |  | 2012 |  | 2011
Balance at beginning of year |  | $ | 29.2 |  |  | $ | 29.7 |  |  | $ | 17.1 |
Increases in prior period tax positions |  | 0.1 |  |  | 0.2 |  |  | 1.3 |
Decreases in prior period tax positions |  | (5.8 | ) |  | (0.3 | ) |  | (1.3 | )
Increases in current period tax positions |  | 60.4 |  |  | 1.2 |  |  | 0.1 |
Uncertain tax positions assumed in Ladish acquisition |  | — |  |  | — |  |  | 14.5 |
Expiration of the statute of limitations |  | (0.7 | ) |  | (2.0 | ) |  | (1.8 | )
Settlements |  | (8.6 | ) |  | (0.4 | ) |  | (0.7 | )
Interest and penalties, net |  | (1.8 | ) |  | 0.8 |  |  | 0.5 |
Balance at end of year |  | $ | 72.8 |  |  | $ | 29.2 |  |  | $ | 29.7 |
Summary of income tax examinations | A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:
Jurisdiction |  | Earliest Year Open to Examination
U.S. Federal |  | 2013
States: |  |
Alabama |  | 2011
Illinois |  | 2010
North Carolina |  | 2010
Oregon |  | 2010
Pennsylvania |  | 2010
Foreign: |  |
China |  | 2009
Germany |  | 2011
Poland |  | 2009
United Kingdom |  | 2011

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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 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 14 -Paragraph 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (c),(d)(2)-(3) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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