XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.19.2

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12 - Income taxes:
| Three months ended |  |  | Six months ended |
| June 30, |  |  | June 30, |
| 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |
| (In millions) |
Expected tax expense, at U.S. federal statutory income tax rate of 21% | $ | 23.2 |  |  | $ | 8.5 |  |  | $ | 44.1 |  |  | $ | 17.6 |
Non-U.S. tax rates |  | 7.9 |  |  |  | 2.3 |  |  |  | 15.0 |  |  |  | 4.7 |
Incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies |  | .7 |  |  |  | (.6 | ) |  |  | 1.1 |  |  |  | (1.1 | )
Global intangible low-tax income, net |  | - |  |  |  | .7 |  |  |  | - |  |  |  | 1.5 |
Adjustment to reserve for uncertain tax positions, net |  | - |  |  |  | .2 |  |  |  | 1.4 |  |  |  | .4 |
Canada-Germany APA |  | - |  |  |  | - |  |  |  | (1.4 | ) |  |  | - |
Other, net |  | .6 |  |  |  | .3 |  |  |  | 1.2 |  |  |  | 1.1 |
Income tax expense | $ | 32.4 |  |  | $ | 11.4 |  |  | $ | 61.4 |  |  | $ | 24.2 |
Comprehensive provision for income taxes allocable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 32.4 |  |  | $ | 11.4 |  |  | $ | 61.4 |  |  | $ | 24.2 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pension plans |  | 1.1 |  |  |  | 1.2 |  |  |  | 2.2 |  |  |  | 2.4 |
OPEB plans |  | (.1 | ) |  |  | (.1 | ) |  |  | (.1 | ) |  |  | (.1 | )
Total | $ | 33.4 |  |  | $ | 12.5 |  |  | $ | 63.5 |  |  | $ | 26.5 |
The amount shown in the above table of our income tax rate reconciliation for non-U.S. tax rates represents the result determined by multiplying the pre-tax earnings or losses of each of our non-U.S. subsidiaries by the difference between the applicable statutory income tax rate for each non-U.S. jurisdiction and the U.S. federal statutory tax rate of 21%. The amount shown on such table for incremental net tax expense (benefit) on earnings and losses of U.S. and non-U.S. companies includes, as applicable, (i) deferred state and non-U.S. income taxes (or deferred income tax benefits) and deferred withholding taxes, as applicable, associated with the current-year change in the aggregate amount of undistributed earnings of all of our non-U.S. subsidiaries, which earnings are not permanently reinvested and (ii) current U.S. income taxes (or current income tax benefit) attributable to current-year income (losses) of one of our non-U.S. subsidiaries, which subsidiary is treated as a dual resident for U.S. income tax purposes. We record global intangible low-tax income (GILTI) tax as a current-period expense when incurred under the period cost method. We have evaluated the tax impact of GILTI and base erosion anti abuse tax (BEAT) provisions and related U.S. tax credit provisions applicable to tax years beginning in 2018 based on the relevant statutes, including final GILTI and foreign tax credit regulations issued by the IRS in June 2019 which did not materially impact our determinations with respect to such items. None of our U.S. and non-U.S. tax returns are currently under examination. As a result of prior audits in certain jurisdictions, which are now settled, in 2008 we filed Advance Pricing Agreement Requests with the tax authorities in the U.S., Canada and Germany. During the first quarter of 2018, our German subsidiary executed and finalized the related Advance Pricing Agreement with the Competent Authority for Germany (the “Canada-Germany APA”) effective for tax years 2005 - 2017. In the first quarter of 2018, we recognized a net $1.4 million non-cash income tax benefit related to an APA tax settlement payment between our German and Canadian subsidiaries. We believe we have adequate accruals for additional taxes and related interest expense which could ultimately result from tax examinations. We believe the ultimate disposition of any future tax examinations should not have a material adverse effect on our consolidated financial position, results of operations or liquidity. We do not expect our unrecognized tax benefits to materially change during the next twelve months.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration