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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Consolidated Income Before Provision (Benefit) for Income Taxes and Equity in Net Income of Affiliates and Components of Provision (Benefit) for Income Taxes

A summary of consolidated income before provision (benefit) for income taxes and equity in net income of affiliates and the components of provision (benefit) for income taxes is shown below (in millions):

For the year ended December 31,	2014				2013				2012
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates:
Domestic	$	228.0			$	218.5			$	289.3
Foreign	559.4				391.6				359.6
	$	787.4			$	610.1			$	648.9
Domestic provision (benefit) for income taxes:
Current provision (benefit)	$	24.3			$	16.8			$	(4.1	)
Deferred provision (benefit)	47.0				64.9				(720.8		)
Total domestic provision (benefit)	71.3				81.7				(724.9		)
Foreign provision for income taxes:
Current provision	155.1				130.5				59.8
Deferred provision (benefit)	(105.0		)		(19.5		)		27.1
Total foreign provision	50.1				111.0				86.9
Provision (benefit) for income taxes	$	121.4			$	192.7			$	(638.0	)

Summary of Difference Between Provision (Benefit) for Income Taxes Calculated at United States Federal Statutory Income Tax Rate and Consolidated Provision (Benefit) for Income Taxes

A summary of the differences between the provision (benefit) for income taxes calculated at the United States federal statutory income tax rate of 35% and the consolidated provision (benefit) for income taxes is shown below (in millions):

For the year ended December 31,	2014				2013				2012
Consolidated income before provision (benefit) for income taxes and equity in net income of affiliates multiplied by the United States federal statutory income tax rate	$	275.6			$	213.5			$	227.1
Differences in income taxes on foreign earnings, losses and remittances	(47.8		)		(38.7		)		1.8
Valuation allowance adjustments	(74.2		)		0.2				(764.5		)
Tax credits	(0.7		)		(16.4		)		(43.5		)
Tax audits and assessments	(12.8		)		2.7				(48.7		)
Other	(18.7		)		31.4				(10.2		)
Provision (benefit) for income taxes	$	121.4			$	192.7			$	(638.0	)

Summary of Components of Net Deferred Income Tax Asset

Deferred income taxes represent temporary differences in the recognition of certain items for financial reporting and income tax purposes. A summary of the components of the net deferred income tax asset is shown below (in millions):

December 31,	2014				2013
Deferred income tax assets:
Tax loss carryforwards	$	588.9			$	690.5
Tax credit carryforwards	419.0				437.2
Retirement benefit plans	119.8				74.3
Accrued liabilities	136.7				133.9
Self-insurance reserves	8.6				9.5
Current asset basis differences	38.7				38.8
Long-term asset basis differences	(48.7		)		(64.5		)
Deferred compensation	48.3				40.9
Recoverable customer engineering, development and tooling	(12.1		)		(22.2		)
Undistributed earnings of foreign subsidiaries	(54.2		)		(54.3		)
Derivative instruments and hedging	12.5				(1.6		)
Other	1.4				(0.8		)
	1,258.9				1,281.7
Valuation allowance	(508.5		)		(642.6		)
Net deferred income tax asset	$	750.4			$	639.1

Classification of Net Deferred Income Tax Asset

The classification of the net deferred income tax asset is shown below (in millions):

December 31,	2014				2013
Deferred income tax assets:
Current	$	210.8			$	187.4
Long-term	606.4				535.9
Deferred income tax liabilities:
Current	(9.6		)		(23.1		)
Long-term	(57.2		)		(61.1		)
Net deferred income tax asset	$	750.4			$	639.1

Summary of Changes in Gross Unrecognized Tax Benefits

A summary of the changes in gross unrecognized tax benefits is shown below (in millions):

For the year ended December 31,	2014				2013				2012
Balance at beginning of period	$	45.2			$	34.4			$	49.4
Additions based on tax positions related to current year	5.6				5.0				5.2
Additions (reductions) based on tax positions related to prior years	(1.8		)		14.3				(18.5		)
Settlements	(6.5		)		(6.7		)		—
Statute expirations	—				(0.8		)		(1.8		)
Foreign currency translation	(2.8		)		(1.0		)		0.1
Balance at end of period	$	39.7			$	45.2			$	34.4

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Tabular disclosure of the current or long-term nature of net deferred tax assets or liabilities recognized in the statement financial position.

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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.

+ References

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-Publisher FASB

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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.

+ References

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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