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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Components of Earnings (Loss) Before Income Tax Provision | The components of earnings (loss) before income tax provision were as follows:
|  | Year Ended December 31, |
(In millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Domestic |  | $ | 168.7 |  |  | $ | 102.8 |  |  | $ | (62.2 | )
Foreign |  |  | 397.2 |  |  |  | 323.1 |  |  |  | 329.4 |
Total |  | $ | 565.9 |  |  | $ | 425.9 |  |  | $ | 267.2 |
Schedule of Recognition of Excess Tax Benefits in Provision for Income Taxes | The components of our income tax provision (benefit) were as follows:
|  | Year Ended December 31, |
(In millions) |  | 2016 |  |  | 2015 |  |  | 2014 |
Current tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 31.3 |  |  | $ | 6.3 |  |  | $ | (216.0 | )
State and local |  |  | (1.3 | ) |  |  | 7.3 |  |  |  | 0.2 |
Foreign |  |  | 107.3 |  |  |  | 99.5 |  |  |  | 78.7 |
Total current expense (benefit) |  |  | 137.3 |  |  |  | 113.1 |  |  |  | (137.1 | )
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (42.4 | ) |  |  | (35.7 | ) |  |  | 176.8 |
State and local |  |  | 5.7 |  |  |  | 10.9 |  |  |  | (27.2 | )
Foreign |  |  | (21.1 | ) |  |  | 2.2 |  |  |  | (3.4 | )
Total deferred tax expense (benefit) |  |  | (57.8 | ) |  |  | (22.6 | ) |  |  | 146.2 |
Total income tax provision |  | $ | 79.5 |  |  | $ | 90.5 |  |  | $ | 9.1 |
Components of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following:
|  | December 31, |  |  |  |  | December 31, |
(In millions) |  | 2016 |  |  |  |  | 2015 |
Restructuring reserves |  | $ | 6.3 |  |  |  |  | $ | 9.1 |
Accruals not yet deductible for tax purposes |  |  | 33.5 |  |  |  |  |  | 45.6 |
Net operating loss carry forwards |  |  | 248.8 |  |  |  |  |  | 250.1 |
Foreign, federal and state credits and investment tax allowances |  |  | 144.0 |  |  |  |  |  | 162.2 |
Employee benefit items |  |  | 169.3 |  |  |  |  |  | 166.5 |
Capitalized expenses |  |  | 76.8 |  |  |  |  |  | 54.9 |
Other |  |  | — |  |  |  |  |  | 37.5 |
Gross deferred tax assets |  |  | 678.7 |  |  |  |  |  | 725.9 |
Valuation allowance |  |  | (218.1 | ) |  |  |  |  | (257.4 | )
Total deferred tax assets |  |  | 460.6 |  |  |  |  |  | 468.5 |
Depreciation and amortization |  |  | (33.3 | ) |  |  |  |  | (30.3 | )
Unremitted foreignearnings |  |  | (19.8 | ) |  |  |  |  | (44.1 | )
Intangibles |  |  | (243.9 | ) |  |  |  |  | (264.5 | )
Other |  |  | (4.1 | ) |  |  |  |  | — |
Total deferred tax liabilities |  |  | (301.1 | ) |  |  |  |  | (338.9 | )
Net deferred tax assets |  | $ | 159.5 |  |  |  |  | $ | 129.6 |
Reconciliation of the Provision for Income Taxes | A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate (35%) to income before provision for income taxes, is as follows (dollars in millions):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Computed expected tax |  | $ | 198.1 |  |  |  | 35.0 | % |  | $ | 149.1 |  |  |  | 35.0 | % |  | $ | 93.5 |  |  |  | 35.0 | %
State income taxes, net of federal tax benefit |  |  | 10.3 |  |  |  | 1.8 | % |  |  | 5.2 |  |  |  | 1.2 | % |  |  | (5.7 | ) |  |  | (2.1 | )%
Foreign earnings taxed at lower rates |  |  | (31.2 | ) |  |  | (5.5 | )% |  |  | (21.8 | ) |  |  | (5.1 | )% |  |  | (35.2 | ) |  |  | (13.2 | )%
U.S. tax on foreign earnings |  |  | 26.9 |  |  |  | 4.8 | % |  |  | 12.1 |  |  |  | 2.8 | % |  |  | 10.5 |  |  |  | 3.9 | %
Foreign tax credits |  |  | (57.9 | ) |  |  | (10.2 | )% |  |  | (54.4 | ) |  |  | (12.8 | )% |  |  | — |  |  |  | (— | )%
Unremitted foreign earnings |  |  | (24.3 | ) |  |  | (4.3 | )% |  |  | (86.0 | ) |  |  | (20.2 | )% |  |  | (5.2 | ) |  |  | (1.9 | )%
Stock compensation |  |  | (16.6 | ) |  |  | (2.9 | )% |  |  | — |  |  |  | (— | )% |  |  | — |  |  |  | (— | )%
Overall foreign loss recapture |  |  | — |  |  |  | (— | )% |  |  | 67.9 |  |  |  | 15.9 | % |  |  | — |  |  |  | (— | )%
Net change in valuation allowance |  |  | (35.5 | ) |  |  | (6.4 | )% |  |  | (58.2 | ) |  |  | (13.7 | )% |  |  | (13.2 | ) |  |  | (4.9 | )%
Net change in unrecognized tax benefits |  |  | (28.8 | ) |  |  | (5.1 | )% |  |  | 56.8 |  |  |  | 13.3 | % |  |  | (23.4 | ) |  |  | (8.8 | )%
Deferred tax asset adjustments |  |  | 36.9 |  |  |  | 6.5 | % |  |  | 17.1 |  |  |  | 4.0 | % |  |  | — |  |  |  | (— | )%
Reorganization tax benefit |  |  | — |  |  |  | (— | )% |  |  | — |  |  |  | (— | )% |  |  | (2.2 | ) |  |  | (0.9 | )%
Other |  |  | 1.6 |  |  |  | 0.3 | % |  |  | 2.7 |  |  |  | 0.6 | % |  |  | (10.0 | ) |  |  | (3.7 | )%
Effective income tax rate |  | $ | 79.5 |  |  |  | 14.0 | % |  | $ | 90.5 |  |  |  | 21.2 | % |  | $ | 9.1 |  |  |  | 3.4 | %
Unrecognized Tax Benefits and Effect on Effective Income Tax Rate | We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions):
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Beginning balance of unrecognized tax benefits |  | $ | 239.1 |  |  | $ | 188.9 |  |  | $ | 221.9 |
Additions for tax positions of current year |  |  | 13.4 |  |  |  | 3.1 |  |  |  | 5.2 |
Additions for tax positions of prior years |  |  | 23.3 |  |  |  | 111.9 |  |  |  | 7.7 |
Reductions for tax positions of prior years |  |  | (23.0 | ) |  |  | (7.2 | ) |  |  | (39.8 | )
Reductions for lapses of statutes of limitation |  |  | (40.7 | ) |  |  | (57.6 | ) |  |  | (6.2 | )
Ending balance of unrecognized tax benefits |  | $ | 212.1 |  |  | $ | 239.1 |  |  | $ | 188.9 |

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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=65882285&loc=d3e32639-109319 + Details
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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32840-109319 + Details
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