XML 49 R32.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2021, 2020 and 2019 (in millions):

			2021						2020						2019
United States			$	46.8					$	(73.4)					$	(53.1)
Foreign			897.5						635.4						314.2
Income before income taxes and equity in net earnings of affiliates			$	944.3					$	562.0					$	261.1

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, 2021, 2020 and 2019 consisted of the following (in millions):

			2021						2020						2019
Current:
United States			$	3.4					$	4.1					$	(4.4)
Foreign			222.9						180.2						170.1
			226.3						184.3						165.7
Deferred:
United States			(70.0)						1.3						1.3
Foreign			(47.9)						2.1						13.8
			(117.9)						3.4						15.1
			$	108.4					$	187.7					$	180.8

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income taxes computed at the United States federal statutory income tax rate (21% for 2021, 2020, and 2019) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 is as follows (in millions):

			2021						2020						2019
Provision for income taxes at United States federal statutory rate			$	198.3					$	118.0					$	54.8
State and local income taxes, net of federal income tax effects			2.2						(3.5)						(2.5)
Taxes on foreign income which differ from the United States statutory rate			16.2						13.9						6.7
Tax effect of permanent differences			(6.4)						13.4						63.9
Change in valuation allowance			(130.8)						16.3						84.6
Change in tax contingency reserves			36.6						37.2						3.2
Research and development tax credits			(7.4)						(9.0)						(7.1)
Impacts related to changes in tax laws			—						—						(21.8)
Other			(0.3)						1.4						(1.0)
			$	108.4					$	187.7					$	180.8

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2021 and 2020 were as follows (in millions):

			2021						2020
Deferred Tax Assets:
Net operating loss carryforwards			$	69.5					$	62.9
Sales incentive discounts			40.1						50.8
Inventory valuation reserves			33.6						35.9
Pensions and postretirement health care benefits			18.5						55.8
Warranty and other reserves			102.9						126.3
Research and development tax credits			3.8						12.9
Foreign tax credits			9.4						5.9
Other			14.0						10.4
Total gross deferred tax assets			291.8						360.9
Valuation allowance			(47.4)						(181.0)
Total deferred tax assets			244.4						179.9
Deferred Tax Liabilities:
Tax over book depreciation and amortization			159.3						167.5
Investment in affiliates			24.4						33.1
Other			8.3						14.1
Total deferred tax liabilities			192.0						214.7
Net deferred tax assets (liabilities)			$	52.4					$	(34.8)
Amounts recognized in Consolidated Balance Sheets:
Deferred tax assets - noncurrent			$	169.3					$	77.6
Deferred tax liabilities - noncurrent			(116.9)						(112.4)
			$	52.4					$	(34.8)

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, 2021 and 2020 is as follows (in millions):

			2021						2020
Gross unrecognized income tax benefits at the beginning of the year			$	227.9					$	210.7
Additions for tax positions of the current year			43.0						32.0
Additions for tax positions of prior years			8.4						9.4
Reductions for tax positions of prior years for:
Changes in judgments			3.2						9.1
Settlements during the year			(19.1)						(52.9)
Lapses of applicable statute of limitations			(0.6)						(0.2)
Foreign currency translation and other			(16.4)						19.8
Gross unrecognized income tax benefits at the end of the year			$	246.4					$	227.9

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration