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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income (loss) before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2015, 2014 and 2013 (in millions):

	2015				2014				2013
United States	$	(49.1	)		$	63.5			$	133.1
Foreign	328.5				475.5				669.5
Income before income taxes and equity in net earnings of affiliates	$	279.4			$	539.0			$	802.6

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2015, 2014 and 2013 consisted of the following (in millions):

	2015				2014				2013
Current:
United States:
Federal	$	(1.3	)		$	12.6			$	9.2
State	2.8				2.8				9.9
Foreign	97.8				168.7				217.7
	99.3				184.1				236.8
Deferred:
United States:
Federal	(19.0		)		(0.4		)		30.2
State	—				—				—
Foreign	(7.8		)		4.0				(8.5		)
	(26.8		)		3.6				21.7
	$	72.5			$	187.7			$	258.5

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the United States federal statutory income tax rate (35%) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013 is as follows (in millions):

	2015				2014				2013
Provision for income taxes at United States federal statutory rate of 35%	$	97.8			$	188.7			$	280.9
State and local income taxes, net of federal income tax effects	(2.0		)		2.6				5.6
Taxes on foreign income which differ from the United States statutory rate	(34.9		)		(33.4		)		(34.7		)
Tax effect of permanent differences	7.1				(10.3		)		(7.6		)
Change in valuation allowance	(4.5		)		22.8				9.3
Change in tax contingency reserves	15.4				25.2				25.7
Research and development tax credits	(4.9		)		(7.1		)		(19.9		)
Other	(1.5		)		(0.8		)		(0.8		)
	$	72.5			$	187.7			$	258.5

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows (in millions):

	2015				2014
Deferred Tax Assets:
Net operating loss carryforwards	$	74.0			$	75.7
Sales incentive discounts	86.6				85.5
Inventory valuation reserves	40.3				33.9
Pensions and postretirement health care benefits	63.4				76.7
Warranty and other reserves	82.3				104.8
Research and development tax credits	9.3				—
Other	34.1				53.4
Total gross deferred tax assets	390.0				430.0
Valuation allowance	(75.8		)		(93.3		)
Total net deferred tax assets	314.2				336.7
Deferred Tax Liabilities:
Tax over book depreciation and amortization	275.1				311.0
Other	24.8				21.5
Total deferred tax liabilities	299.9				332.5
Net deferred tax assets	$	14.3			$	4.2
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent	$	100.7			$	215.9
Deferred tax liabilities - noncurrent	(86.4		)		(211.7		)
	$	14.3			$	4.2

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2015 and 2014 is as follows (in millions):

	2015				2014
Gross unrecognized income tax benefits	$	130.6			$	122.2
Additions for tax positions of the current year	14.4				21.8
Additions for tax positions of prior years	7.1				11.0
Additions for tax positions related to acquisitions	—				(0.6		)
Reductions for tax positions of prior years for:
Changes in judgments	(0.3		)		(2.2		)
Settlements during the period	—				(1.9		)
Lapses of applicable statute of limitations	(5.8		)		(5.4		)
Foreign currency translation	(13.0		)		(14.3		)
Gross unrecognized income tax benefits	$	133.0			$	130.6

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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