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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were as follows (in millions):

		Year Ended December 31,
		2014				2013				2012
United States		$	101			$	161			$	115
Foreign			77				61				50
		$	178			$	222			$	165

Components of the Provision for Income Taxes

The provision for income taxes for 2014, 2013, and 2012 consisted of the following:

		2014				2013				2012
U.S. Federal:
Current		$	38			$	48			$	46
Deferred			3				6				(4	)
			41				54				42
U.S. State:
Current			4				4				4
Deferred			—				—				1
			4				4				5
Foreign
Current			18				20				14
Deferred			(1	)			(3	)			(4	)
			17				17				10
Total current income tax provision		$	62			$	75			$	57

Reconciliation Between Effective Tax Rate

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate is as follows:

		Year Ended December 31,
		2014				2013				2012
Income tax expense (benefit) at federal statutory rate		$	62			$	78			$	58
Foreign income tax rate differential			(6	)			(5	)			(5	)
State income tax, net of federal benefit			3				3				2
Nondeductible expenses			4				2				1
Foreign dividends, net of foreign tax credits			—				(1	)			1
Change in contingency reserve and other			(1	)			(2	)			—
Income tax expense (benefit)		$	62			$	75			$	57

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in millions):

		Year Ended December 31,
		2014				2013				2012
Deferred tax assets:
Allowances and operating liabilities		$	2			$	12			$	10
Net operating loss carryforwards			1				1				—
Book over tax depreciation			—				2				1
Trade credit			4				1				—
Bad debt reserve			3				2				1
Inventory reserve			9				11				12
Stock options			12				5				4
Other			3				2				1
Total deferred tax assets			34				36				29
Deferred tax liabilities:
Tax over book depreciation			(2	)			(2	)			—
Intangible assets			(18	)			(14	)			(9	)
Total deferred tax liabilities			(20	)			(16	)			(9	)
Net deferred tax asset		$	14			$	20			$	20

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

		2014				2013				2012
Unrecognized tax benefit—January 1		$	—			$	2			$	2
Gross increases—tax positions in prior period			—				—				—
Gross decreases—tax positions in prior period			—				—				—
Gross increases—tax positions in current period			—				—				—
Settlement			—				—				—
Lapse of statute of limitations			—				(2	)			—
Unrecognized tax benefit—December 31		$	—			$	—			$	2

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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.

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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