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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of earnings before income taxes were:
| Years Ended December 31,
(in millions) | 2016 |  | 2015 |  | 2014
Domestic | $ | (60.5 | ) |  | $ | (66.9 | ) |  | $ | (5.8 | )
Foreign | 91.3 |  |  | 89.5 |  |  | 138.3 |
Total earnings before income taxes | $ | 30.8 |  |  | $ | 22.6 |  |  | $ | 132.5 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the years ended December 31, 2016, 2015 and 2014 is comprised of the following:
| Years Ended December 31,
(in millions) | 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
U.S. Federal | $ | — |  |  | $ | 1.9 |  |  | $ | 2.9 |
State and local | 0.1 |  |  | — |  |  | 0.2 |
Foreign | 10.1 |  |  | 12.7 |  |  | 22.3 |
Total current tax expense | 10.2 |  |  | 14.6 |  |  | 25.4 |
Deferred: |  |  |  |  |
U.S. Federal | $ | 0.9 |  |  | $ | (3.3 | ) |  | $ | (10.4 | )
State and local | 0.2 |  |  | (0.1 | ) |  | (0.1 | )
Foreign | 0.4 |  |  | (5.1 | ) |  | (2.0 | )
Total deferred tax expense (benefit) | 1.5 |  |  | (8.5 | ) |  | (12.5 | )
Total income tax expense | $ | 11.7 |  |  | $ | 6.1 |  |  | $ | 12.9 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the U.S. federal income tax rate to the Company’s effective income tax rate was as follows:
| Years Ended December 31,
| 2016 |  | 2015 |  | 2014
U.S. Federal income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State and local taxes, net of Federal income tax benefit | 1.0 | % |  | (6.8 | )% |  | (0.3 | )%
Foreign operations tax effect | (28.0 | )% |  | (42.6 | )% |  | (10.7 | )%
Research & experimentation tax credits | (6.0 | )% |  | (11.3 | )% |  | (1.6 | )%
Valuation allowance | 74.6 | % |  | 103.1 | % |  | (0.1 | )%
Tax contingencies | (0.5 | )% |  | (2.1 | )% |  | 0.6 | %
Tax holiday | (58.6 | )% |  | (79.9 | )% |  | (19.0 | )%
Foreign taxes | 6.8 | % |  | 12.7 | % |  | 1.3 | %
Non-deductible transaction costs | — | % |  | 5.3 | % |  | — | %
Stock based compensation | 8.8 | % |  | 4.3 | % |  | — | %
Other, principally non-tax deductible items | 4.7 | % |  | 8.7 | % |  | 2.6 | %
Prior period items | 0.2 | % |  | 0.6 | % |  | 2.0 | %
Effective income tax rate | 38.0 | % |  | 27.0 | % |  | 9.8 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities included the following:
(in millions) | December 31, 2016 |  | December 31, 2015
Deferred tax assets: |  |  |
Accrued compensation, principally post-retirement and other employee benefits | $ | 19.0 |  |  | $ | 16.2 |
Accrued expenses, principally for state income taxes, interest and warranty | 6.5 |  |  | 5.0 |
Net operating loss and other carryforwards | 148.2 |  |  | 123.4 |
Inventories, principally due to reserves for financial reporting purposes and capitalization for tax purposes | 7.5 |  |  | 6.8 |
Convertible Note Hedges | 14.6 |  |  | — |
Plant and equipment, principally due to differences in depreciation | 4.4 |  |  | 6.5 |
Total gross deferred tax assets | 200.2 |  |  | 157.9 |
Valuation allowance | (161.3 | ) |  | (127.4 | )
Total deferred tax assets | $ | 38.9 |  |  | $ | 30.5 |
Deferred tax liabilities: |  |  |
Intangible assets, principally due to different tax and financial reporting bases and amortization lives | $ | (27.3 | ) |  | $ | (30.1 | )
Debt discount on convertible notes | (11.6 | ) |  | — |
Other liabilities | (6.7 | ) |  | (2.5 | )
Total gross deferred tax liabilities | (45.6 | ) |  | (32.6 | )
Net deferred tax liability | $ | (6.7 | ) |  | $ | (2.1 | )
Classified as follows in the consolidated balance sheets: |  |  |
Other assets and deferred charges (non-current deferred tax assets) (1) | $ | 15.0 |  |  | $ | 16.3 |
Deferred income taxes (non-current deferred tax liabilities) (1) | (21.7 | ) |  | (18.4 | )
Net deferred tax liability | $ | (6.7 | ) |  | $ | (2.1 | )
Schedule of Unrecognized Tax Benefits Roll Forward | Included in the balance of total unrecognized tax benefits at December 31, 2016 are potential benefits of $3.4 million, which if recognized, would affect the effective rate on income from continuing operations. Given the Company's current valuation allowance position, no benefit is expected to result from the reversal of any uncertain tax position associated with the acquired U.S. attributes.
Unrecognized tax benefits at January 1, 2014 | $ | 5.5 |
Additions based on tax positions related to the current year | 0.1 |
Additions for tax positions of prior years | 0.7 |
Reductions for tax positions of prior years | (1.3 | )
Unrecognized tax benefits at December 31, 2014 | $ | 5.0 |
Reductions for tax positions due to lapsed statutes of limitations | (0.6 | )
Additions for acquisitions | 8.4 |
Unrecognized tax benefits at December 31, 2015 | $ | 12.8 |
Reductions for tax positions due to lapsed statutes of limitations | (1.0 | )
Unrecognized tax benefits at December 31, 2016 | $ | 11.8 |

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