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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Schedule of earnings (loss) before income taxes by jurisdiction | The sources of Earnings (loss) before income taxes were as follows:
(in millions) | 2012 |  | 2011 |  | 2010
United States | $ | 134.0 |  |  | $ | 45.7 |  |  | $ | (99.3 | )
Foreign | 47.0 |  |  | 65.0 |  |  | 61.2 |
Earnings (loss) before income taxes | $ | 181.0 |  |  | $ | 110.7 |  |  | $ | (38.1 | )
Schedule of components of income tax expense (benefit) | The Income tax provision consisted of the following:
(in millions) | 2012 |  | 2011 |  | 2010
Current tax expense: |  |  |  |  |
U.S. Federal | $ | 4.1 |  |  | $ | — |  |  | $ | 0.2 |
State and local | 2.2 |  |  | 1.6 |  |  | 1.3 |
Foreign | 19.0 |  |  | 19.2 |  |  | 18.8 |
Total current | 25.3 |  |  | 20.8 |  |  | 20.3 |
Deferred tax expense (benefit): |  |  |  |  |
U.S. Federal | 11.7 |  |  | 6.0 |  |  | 3.8 |
State and local | (0.9 | ) |  | 0.8 |  |  | 1.3 |
Foreign | (2.5 | ) |  | (7.5 | ) |  | 0.5 |
Total deferred | 8.3 |  |  | (0.7 | ) |  | 5.6 |
Total provision | $ | 33.6 |  |  | $ | 20.1 |  |  | $ | 25.9 |
Schedule of deferred tax assets and liabilities | Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31, 2012 and 2011, were as follows:
(in millions) | 2012 |  | 2011
Current deferred tax assets: |  |  |
Product warranties | $ | 48.1 |  |  | $ | 48.5 |
Sales incentives and discounts | 26.8 |  |  | 23.6 |
Other | 81.5 |  |  | 86.7 |
Gross current deferred tax assets | 156.4 |  |  | 158.8 |
Valuation allowance | (130.1 | ) |  | (135.8 | )
Total net current deferred tax assets | 26.3 |  |  | 23.0 |
Current deferred tax liabilities: |  |  |
Other | (7.5 | ) |  | (8.0 | )
Total current deferred tax liabilities | (7.5 | ) |  | (8.0 | )
Total net current deferred taxes | $ | 18.8 |  |  | $ | 15.0 |
Non-current deferred tax assets: |  |  |
Pension | $ | 183.3 |  |  | $ | 196.0 |
Loss carryforwards | 107.3 |  |  | 147.9 |
Tax credit carryforwards | 156.2 |  |  | 158.2 |
Postretirement and postemployment benefits | 28.8 |  |  | 34.1 |
Equity compensation | 25.7 |  |  | 23.4 |
Other | 68.6 |  |  | 48.5 |
Gross non-current deferred tax assets | 569.9 |  |  | 608.1 |
Valuation allowance | (587.4 | ) |  | (592.6 | )
Total net non-current deferred tax assets | (17.5 | ) |  | 15.5 |
Non-current deferred tax liabilities: |  |  |
Unremitted foreign earnings and withholding | (29.9 | ) |  | (33.3 | )
State and local income taxes | (35.0 | ) |  | (34.9 | )
Other | (10.3 | ) |  | (29.3 | )
Total non-current deferred tax liabilities | (75.2 | ) |  | (97.5 | )
Total net non-current deferred taxes | $ | (92.7 | ) |  | $ | (82.0 | )
Reconciliation of unrecognized tax benefits | The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the 2012 and 2011 annual reporting periods:
(in millions) | 2012 |  | 2011
Balance at January 1 | $ | 24.4 |  |  | $ | 32.0 |
Gross increases - tax positions prior periods | 3.7 |  |  | 3.9 |
Gross decreases - tax positions prior periods | (1.4 | ) |  | (6.0 | )
Gross increases - current period tax positions | 1.5 |  |  | 1.0 |
Decreases - settlements with taxing authorities | (2.2 | ) |  | (5.0 | )
Reductions - lapse of statute of limitations | (1.1 | ) |  | (1.5 | )
Other - CTA | (0.2 | ) |  | (0.0 | )
Balance at December 31 | $ | 24.7 |  |  | $ | 24.4 |
Reconciliation of income taxes at the statutory Federal income tax rate to income tax expense (benefit) | The difference between the actual income tax provision 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) | 2012 |  | 2011 |  | 2010
Income tax provision (benefit) at 35 percent | $ | 63.4 |  |  | $ | 38.7 |  |  | $ | (13.3 | )
State and local income taxes, net of Federal income tax effect | 0.1 |  |  | (0.1 | ) |  | (5.5 | )
Deferred tax asset valuation allowance | (31.2 | ) |  | (6.1 | ) |  | 62.7 |
Income attributable to domestic production activities | (2.8 | ) |  | — |  |  | — |
Asset dispositions and write-offs | — |  |  | (13.1 | ) |  | (2.1 | )
Change in estimates related to prior years and prior years amended tax return filings | (1.4 | ) |  | (0.4 | ) |  | 1.1 |
Federal and state tax credits | (0.3 | ) |  | (5.9 | ) |  | (21.3 | )
Taxes related to foreign income, net of credits | 4.9 |  |  | 2.0 |  |  | 8.0 |
Taxes related to unremitted earnings | (3.4 | ) |  | 6.8 |  |  | (5.3 | )
Tax reserve reassessment | 3.8 |  |  | (5.8 | ) |  | 0.2 |
Other | 0.5 |  |  | 4.0 |  |  | 1.4 |
Actual income tax provision | $ | 33.6 |  |  | $ | 20.1 |  |  | $ | 25.9 |
Effective tax rate | 18.6 | % |  | 18.2 | % |  | (68.0 | )%
Income tax provision (benefit) allocated to continuing and discontinued operations | Income tax provision (benefit) allocated to continuing operations and discontinued operations for the years ended December 31 was as follows:
(in millions) | 2012 |  | 2011 |  | 2010
Continuing operations | $ | 33.6 |  |  | $ | 20.1 |  |  | $ | 25.9 |
Discontinued operations | 0.7 |  |  | (2.7 | ) |  | — |
Total tax provision | $ | 34.3 |  |  | $ | 17.4 |  |  | $ | 25.9 |

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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. + Details
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