XML 78 R45.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income tax for the years ended December 31, 2019, 2018 and 2017 were as follows:

(in millions)	2019				2018				2017
Domestic operations	$	32.0			$	37.0			$	68.7
Foreign operations	131.5				120.9				89.4
Total	$	163.5			$	157.9			$	158.1

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes computed at the U.S. federal statutory income tax rate of 21 percent for 2019, 21 percent for 2018 and 35 percent 2017 to our effective income tax rate for the years ended December 31, 2019, 2018 and 2017 was as follows:

(in millions)	2019				2018				2017
Income tax at U.S. statutory rate; 21%, 21% and 35%, respectively	$	34.3			$	33.2			$	55.3
Effect of the U.S. Tax Act	—				3.1				(25.7		)
State, local and other tax, net of federal benefit	5.8				2.2				3.6
GILTI/FDII	3.1				3.7				—
U.S. effect of foreign dividends and withholding taxes	2.1				2.2				4.9
Foreign income taxed at a higher (lower) effective rate	4.2				0.9				(6.9		)
Net Brazilian Tax Assessments impact	6.5				(4.4		)		2.2
Increase (decrease) in valuation allowance	0.4				5.2				(0.6		)
Excess expense (benefit) from stock-based compensation	0.2				(2.5		)		(5.6		)
Other	0.1				7.6				(0.8		)
Income taxes as reported	$	56.7			$	51.2			$	26.4
Effective tax rate	34.7		%		32.4		%		16.7		%

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax expense for the years ended December 31, 2019, 2018 and 2017 were as follows:

(in millions)	2019				2018				2017
Current expense
Federal and other	$	5.8			$	2.7			$	41.1
Foreign	42.2				25.8				30.5
Total current income tax expense	48.0				28.5				71.6
Deferred expense
Federal and other	8.4				11.1				(47.4		)
Foreign	0.3				11.6				2.2
Total deferred income tax expense (benefit)	8.7				22.7				(45.2		)
Total income tax expense	$	56.7			$	51.2			$	26.4

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets (liabilities) as of December 31, 2019 and 2018 were as follows:

(in millions)	2019				2018
Deferred tax assets
Compensation and benefits	$	15.4			$	17.2
Pension	52.7				46.1
Inventory	10.0				10.7
Other reserves	15.9				15.7
Accounts receivable	5.8				6.1
Foreign tax credit carryforwards	25.2				25.2
Net operating loss carryforwards	90.9				101.8
Other	10.6				9.6
Gross deferred income tax assets	226.5				232.4
Valuation allowance	(51.6		)		(50.8		)
Net deferred tax assets	174.9				181.6
Deferred tax liabilities
Depreciation	(18.0		)		(19.3		)
Unremitted non-U.S. earnings accrual	(2.0		)		(1.4		)
Identifiable intangibles	(209.1		)		(219.0		)
Other	(4.3		)		(3.0		)
Gross deferred tax liabilities	(233.4		)		(242.7		)
Net deferred tax liabilities	$	(58.5	)		$	(61.1	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 was as follows:

(in millions)	2019				2018				2017
Balance at beginning of year	$	43.7			$	47.2			$	43.7
Additions for tax positions of prior years	8.4				3.1				2.9
Additions for tax positions of current year	1.5				1.5				—
Reductions for tax positions of prior years	(2.5		)		(8.2		)		(0.7		)
Acquisitions	—				5.3				1.6
Decrease resulting from foreign currency translation	(0.6		)		(5.2		)		(0.3		)
Balance at end of year	$	50.5			$	43.7			$	47.2

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-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 the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

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