XML 61 R30.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Taxes [Abstract] |
Provision for income taxes | The provision for income taxes was as follows:
Year Ended December 31 |  | 2014 |  |  | 2013 |  |  | 2012 |
Current |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 44.8 |  |  | $ | (0.8 | ) |  | $ | 17.5 |
State |  |  | 7.0 |  |  |  | 3.4 |  |  |  | 9.6 |
Non-United States |  |  | 148.2 |  |  |  | 167.9 |  |  |  | 155.3 |
Total current |  |  | 200.0 |  |  |  | 170.5 |  |  |  | 182.4 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 53.2 |  |  |  | 21.0 |  |  |  | (20.4 | )
State |  |  | (1.9 | ) |  |  | 0.9 |  |  |  | 0.5 |
Non-United States |  |  | 2.7 |  |  |  | (4.9 | ) |  |  | 8.3 |
Total deferred |  |  | 54.0 |  |  |  | 17.0 |  |  |  | (11.6 | )
Total provision |  | $ | 254.0 |  |  | $ | 187.5 |  |  | $ | 170.8 |
Effective income tax rate reconciliation |
A reconciliation between taxes computed at the United States Federal statutory rate of 35% and the consolidated effective tax rate is as follows:
Year Ended December 31 |  |  | 2014 |  |  |  | 2013 |  |  |  | 2012 |
Income tax based on statutory rate |  | $ | 238.6 |  |  | $ | 166.4 |  |  | $ | 128.9 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Non-United States tax rate difference |  |  | 20.1 |  |  |  | 27.7 |  |  |  | 40.8 |
Repatriation of non-United States earnings |  |  | (10.1 | ) |  |  | (20.5 | ) |  |  | (16.9 | )
State income taxes, net of Federal benefit |  |  | 2.9 |  |  |  | 3.2 |  |  |  | 6.7 |
Change in valuation reserve |  |  | 5.0 |  |  |  | (0.5 | ) |  |  | 4.7 |
Other, net |  |  | (2.5 | ) |  |  | 11.2 |  |  |  | 6.6 |
Tax provision |  | $ | 254.0 |  |  | $ | 187.5 |  |  | $ | 170.8 |
Components of future income tax benefits (expense) | Deferred income taxes are recorded on temporary differences at the tax rate expected to be in effect when the temporary differences reverse. Temporary differences, which gave rise to the deferred taxes, were as follows:
December 31 |  | 2014 |  |  | 2013 |
Current Future Income Tax Benefits (Expense) |  |  |  |  |  |  |  |
Accrued payroll taxes and insurance |  | $ | 11.4 |  |  | $ | 17.9 |
Employee compensation payable |  |  | 28.1 |  |  |  | 26.5 |
Pension and postretirement benefits |  |  | (5.2 | ) |  |  | (4.7 | )
Repatriation of non-United States earnings |  |  | (53.1 | ) |  |  | (16.7 | )
Other |  |  | 50.8 |  |  |  | 46.0 |
Valuation allowance |  |  | (4.1 | ) |  |  | (15.7 | )
|  |  | 27.9 |  |  |  | 53.3 |
Noncurrent Future Income Tax Benefits (Expense) |  |  |  |  |  |  |  |
Accrued payroll taxes and insurance |  |  | 21.4 |  |  |  | 19.7 |
Pension and postretirement benefits |  |  | 65.7 |  |  |  | 54.9 |
Intangible assets |  |  | (124.7 | ) |  |  | (122.1 | )
Net operating losses |  |  | 129.7 |  |  |  | 151.0 |
Other |  |  | 43.3 |  |  |  | 70.3 |
Valuation allowance |  |  | (103.8 | ) |  |  | (111.4 | )
|  |  | 31.6 |  |  |  | 62.4 |
Total future tax benefits |  | $ | 59.5 |  |  | $ | 115.7 |
Current tax asset |  | $ | 52.2 |  |  | $ | 66.2 |
Current tax liability |  |  | (20.6 | ) |  |  | (4.4 | )
Noncurrent tax asset |  |  | 54.0 |  |  |  | 68.2 |
Noncurrent tax liability |  |  | (26.1 | ) |  |  | (14.3 | )
Total future tax benefits |  | $ | 59.5 |  |  | $ | 115.7 |
Net operating loss carryforwards | We have United States Federal and non-United States net operating loss carryforwards and United States state net operating loss carryforwards totaling $435.5 and $317.6, respectively, as of December 31, 2014. The net operating loss carryforwards expire as follows:
|  | United States Federal |  |  | United States |
|  | and Non-United States |  |  | State |
2015 |  | $ | 3.3 |  |  | $ | 3.8 |
2016 |  |  | 7.4 |  |  |  | 2.0 |
2017 |  |  | 5.6 |  |  |  | 6.8 |
2018 |  |  | 4.0 |  |  |  | 6.0 |
2019 |  |  | 9.9 |  |  |  | — |
Thereafter |  |  | 48.8 |  |  |  | 299.0 |
No expirations |  |  | 356.5 |  |  |  | — |
Total net operating loss carryforwards |  | $ | 435.5 |  |  | $ | 317.6 |
Unrecognized tax benefit activity | The following table summarizes the activity related to our unrecognized tax benefits during 2014, 2013 and 2012:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Gross unrecognized tax benefits, beginning of year |  | $ | 23.9 |  |  | $ | 26.4 |  |  | $ | 25.0 |
Increases in prior year tax positions |  |  | 0.7 |  |  |  | 2.1 |  |  |  | 5.8 |
Decreases in prior year tax positions |  |  | (1.2 | ) |  |  | (5.6 | ) |  |  | (0.8 | )
Increases for current year tax positions |  |  | 2.2 |  |  |  | 3.4 |  |  |  | 3.1 |
Expiration of statute of limitations and audit settlements |  |  | (2.6 | ) |  |  | (2.4 | ) |  |  | (6.7 | )
Gross unrecognized tax benefits, end of year |  | $ | 23.0 |  |  | $ | 23.9 |  |  | $ | 26.4 |
Potential interest and penalties |  |  | 7.8 |  |  |  | 8.4 |  |  |  | 2.1 |
Balance, end of year |  | $ | 30.8 |  |  | $ | 32.3 |  |  | $ | 28.5 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration