XML 49 R33.htm IDEA: XBRL DOCUMENT v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of U.S. and foreign income before income taxes

U.S. and foreign income before income taxes consist of the following (in millions):

		2015			2014			2013
United States		$	1.2		$	56.5		$	31.8
Foreign			218.1			213.0			214.9
		$	219.3		$	269.5		$	246.7

Schedule of components of income tax provision (benefit)

The income tax provision (benefit) related to income before income taxes consists of the following components (in millions):

		2015			2014			2013
Current:
U.S. federal statutory tax		$	(10.7)		$	14.8		$	8.2
State			0.6			2.5			1.8
Foreign			29.6			22.0			36.2
			19.5			39.3			46.2
Deferred:
U.S. federal statutory tax			4.6			10.7			2.2
State			3.0			2.7			0.6
Foreign			(14.8)			(3.0)			(11.0)
			(7.2)			10.4			(8.2)
Non-current tax expense (income)			24.0			1.4			1.5
		$	36.3		$	51.1		$	39.5

Reconciliation of the U.S. federal statutory income tax rate to effective income tax rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:

		2015		2014		2013
U.S. federal statutory tax rate		35.0	%	35.0	%	35.0	%
Foreign earnings, net of foreign taxes		(28.2)		(18.1)		(18.7)
State income taxes, net of U.S. federal income tax benefit		1.1		1.3		0.6
U.S. tax on deemed dividends		6.1		1.0		1.4
Brazil foreign currency effect on other comprehensive income		(5.4)		(1.5)		(1.4)
Other permanent differences		8.0		1.3		(0.9)
Effective income tax rate		16.6	%	19.0	%	16.0	%

Schedule of net deferred tax liabilities

The temporary differences which comprise our net deferred tax liabilities are as follows (in millions):

		As of December 31,
		2015			2014
Gross Deferred Tax Assets:
Bad debt reserve		$	5.0		$	5.5
Net operating loss			13.0			4.8
Accrued and other share-based compensation			20.6			21.6
Accrued expenses			—			8.6
U.S. foreign income tax credits			5.3			—
Other income tax credits			0.7			—
Customer deposits			5.7			6.1
Installment sale			6.7			6.6
Cash flow hedges			0.8			—
Unrealized foreign exchange			18.2			7.6
Total gross deferred tax assets			76.0			60.8
Less: Valuation allowance			2.9			—
Gross deferred tax assets, net of valuation allowance			73.1			60.8
Deferred Tax Liabilities:
Depreciation			(20.8)			(13.1)
Goodwill and intangible assets			(56.2)			(45.3)
Prepaid expenses, deductible for tax purposes			(4.4)			(4.5)
Accrued expenses			(2.5)			—
Unrealized derivatives			(5.1)			(8.2)
Other			—			(1.2)
Total gross deferred tax liabilities			(89.0)			(72.3)
Net deferred tax liability		$	(15.9)		$	(11.5)
Reported on the consolidated balance sheets as:
Other current assets for deferred tax assets, current		$	—		$	22.8
Identifiable intangible and other non-current assets for deferred tax assets, non-current		$	20.7		$	15.6
Accrued expenses and other current liabilities for deferred tax liabilities, current		$	—		$	0.4
Non-current income tax liabilities, net for deferred tax liabilities, non-current		$	36.6		$	49.4

Schedule of expiration of NOL carryforward

We have recorded a deferred tax asset of $13.0 million reflecting the benefit of the NOL carryforward as of December 31, 2015.  This deferred tax asset expires as follows (in millions):

		Deferred
Expiration Date		Tax Asset
December 31, 2016		$	0.1
December 31, 2020			0.6
December 31, 2021			0.1
December 31, 2022			0.1
December 31, 2023			0.3
December 31, 2024			1.1
December 31, 2025			0.1
March 31, 2032			0.3
March 31, 2033			0.5
March 31, 2034			1.2
December 31, 2035			5.6
Indefinite			3.0
Total		$	13.0

Schedule of reconciliation of the total amounts of unrecognized income tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized income tax benefits for the year (in millions):

		2015			2014			2013
Unrecognized Tax Liabilities – opening balance		$	24.3		$	26.5		$	22.3
Gross increases – tax positions in prior period			9.2			—			2.6
Gross decreases – tax positions in prior period			(4.8)			(2.8)			—
Gross increases – tax positions in current period			20.9			6.6			5.0
Gross decreases – tax positions in current period			—			—			—
Settlements			—			(3.6)			—
Lapse of statute of limitations			(2.9)			(2.4)			(3.4)
Unrecognized Tax Liabilities – ending balance		$	46.7		$	24.3		$	26.5

Schedule of open tax years by jurisdiction with major uncertain tax positions

		Open Tax Year
		Examination		Examination not
Jurisdiction		in progress		yet initiated
United States		2011,2012		2013 - 2015
Singapore		None		2011 - 2015
United Kingdom		None		2012 - 2015
Brazil		2009		2010 - 2015
Chile		None		2013 - 2015
Denmark		None		2013 - 2015

X

- Definition

Tabular disclosure of the expiration of NOL carryforward deferred tax asset.

+ References

No definition available.

+ Details

Name:	int_ScheduleOfExpirationOfNOLCarryforwardTableTextBlock
Namespace Prefix:	int_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ 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 income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
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 income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (c),(d)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration