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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Schedule of earnings (loss) before income taxes by jurisdiction | The sources of Earnings (loss) before income taxes were as follows:
(in millions) |  | 2011 |  |  | 2010 |  |  | 2009 |
United States |  | $ | 24.3 |  |  | $ | (145.9 | ) |  | $ | (690.8 | )
Foreign |  |  | 65.0 |  |  |  | 61.2 |  |  |  | 6.1 |
Earnings (loss) before income taxes |  | $ | 89.3 |  |  | $ | (84.7 | ) |  | $ | (684.7 | )
Schedule of components of income tax expense (benefit) by jurisdiction | The Income tax provision (benefit) consisted of the following:
(in millions) |  | 2011 |  |  | 2010 |  |  | 2009 |
Current tax expense (benefit): |  |  |  |  |  |  |  |  |
U.S. Federal |  | $ | 0.0 |  |  | $ | 0.2 |  |  | $ | (10.9 | )
State and local |  |  | 1.5 |  |  |  | 1.3 |  |  |  | (0.2 | )
Foreign |  |  | 19.2 |  |  |  | 18.8 |  |  |  | 11.8 |
Total current |  |  | 20.7 |  |  |  | 20.3 |  |  |  | 0.7 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
U.S. Federal |  |  | 3.4 |  |  |  | 3.8 |  |  |  | (138.9 | )
State and local |  |  | 0.8 |  |  |  | 1.3 |  |  |  | 32.0 |
Foreign |  |  | (7.5 | ) |  |  | 0.5 |  |  |  | 7.7 |
Total deferred |  |  | (3.3 | ) |  |  | 5.6 |  |  |  | (99.2 | )
Total provision (benefit) |  | $ | 17.4 |  |  | $ | 25.9 |  |  | $ | (98.5 | )
Schedule of deferred tax assets and liabilities | Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31, 2011 and 2010, were as follows:
(in millions) |  | 2011 |  |  | 2010 |
Current deferred tax assets: |  |  |  |  |  |
Product warranties |  | $ | 49.9 |  |  | $ | 50.6 |
Sales incentives and discounts |  |  | 24.1 |  |  |  | 25.8 |
Other |  |  | 88.0 |  |  |  | 100.6 |
Gross current deferred tax assets |  |  | 162.0 |  |  |  | 177.0 |
Valuation allowance |  |  | (139.3 | ) |  |  | (153.9 | )
Total net current deferred tax assets |  |  | 22.7 |  |  |  | 23.1 |
Other |  |  | (7.9 | ) |  |  | (6.1 | )
Total current deferred tax liabilities |  |  | (7.9 | ) |  |  | (6.1 | )
Total net current deferred taxes |  | $ | 14.8 |  |  | $ | 17.0 |
Non-current deferred tax assets: |  |  |  |  |  |  |  |
Pension |  | $ | 196.0 |  |  | $ | 184.4 |
Loss carryforwards |  |  | 147.9 |  |  |  | 156.0 |
Tax credit carryforwards |  |  | 158.2 |  |  |  | 148.6 |
Postretirement and postemployment benefits |  |  | 34.1 |  |  |  | 37.9 |
Other |  |  | 71.2 |  |  |  | 62.0 |
Gross non-current deferred tax assets |  |  | 607.4 |  |  |  | 588.9 |
Valuation allowance |  |  | (612.8 | ) |  |  | (568.6 | )
Total net non-current deferred tax assets |  |  | (5.4 | ) |  |  | 20.3 |
Non-current deferred tax liabilities: |  |  |  |  |  |  |  |
Unremitted foreign earnings and withholding |  |  | (33.3 | ) |  |  | (26.5 | )
State and local income taxes |  |  | (34.9 | ) |  |  | (34.9 | )
Other |  |  | (8.2 | ) |  |  | (30.5 | )
Total non-current deferred tax liabilities |  |  | (76.4 | ) |  |  | (91.9 | )
Total net non-current deferred taxes |  | $ | (81.8 | ) |  | $ | (71.6 | )
Reconciliation of unrecognized tax benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2011 and 2010 annual reporting periods:
(in millions) |  | 2011 |  |  | 2010 |
Balance at January 1 |  | $ | 32.0 |  |  | $ | 39.9 |
Gross increases – tax positions prior periods |  |  | 3.9 |  |  |  | 3.2 |
Gross decreases – tax positions prior periods |  |  | (6.0 | ) |  |  | (1.9 | )
Gross increases – current period tax positions |  |  | 1.0 |  |  |  | 1.8 |
Decreases – settlements with taxing authorities |  |  | (5.0 | ) |  |  | (7.1 | )
Reductions – lapse of statute of limitations |  |  | (1.5 | ) |  |  | (3.4 | )
Other – CTA |  |  | (0.0 | ) |  |  | (0.5 | )
Balance at December 31 |  | $ | 24.4 |  |  | $ | 32.0 |
Reconciliation of income taxes at the statutory Federal income tax rate to income tax expense (benefit) | The difference between the actual income tax provision (benefit) and the tax provision (benefit) computed by applying the statutory Federal income tax rate to earnings (loss) before income taxes is attributable to the following:
(in millions) |  | 2011 |  |  | 2010 |  |  | 2009 |
Income tax provision (benefit) at 35 percent |  | $ | 31.2 |  |  | $ | (29.7 | ) |  | $ | (239.7 | )
State and local income taxes, net of Federal income tax effect |  |  | (0.1 | ) |  |  | (5.5 | ) |  |  | (20.6 | )
Deferred tax asset valuation allowance |  |  | (1.3 | ) |  |  | 79.0 |  |  |  | 179.5 |
OCI reclassification to continuing operations |  |  | - |  |  |  | - |  |  |  | (29.9 | )
Change in permanently reinvested assertion |  |  | - |  |  |  | - |  |  |  | 18.9 |
Asset dispositions and write-offs |  |  | (13.1 | ) |  |  | (2.1 | ) |  |  | (1.9 | )
Change in estimates related to prior years and prior years amended tax return filings |  |  | (0.3 | ) |  |  | 1.1 |  |  |  | (4.3 | )
Federal and state tax credits |  |  | (5.9 | ) |  |  | (21.3 | ) |  |  | (0.5 | )
Taxes related to foreign income, net of credits |  |  | 2.0 |  |  |  | 8.0 |  |  |  | (9.1 | )
Taxes related to unremitted earnings |  |  | 6.8 |  |  |  | (5.2 | ) |  |  | 0.5 |
Tax reserve reassessment |  |  | (5.8 | ) |  |  | 0.2 |  |  |  | 7.4 |
Other |  |  | 3.9 |  |  |  | 1.4 |  |  |  | 1.2 |
Actual income tax provision (benefit) |  | $ | 17.4 |  |  | $ | 25.9 |  |  | $ | (98.5 | )
Effective tax rate |  |  | 19.5 | % |  |  | (30.6 | )% |  |  | 14.4 | %

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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 -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -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 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. Reference 2: 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 + Details
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