v3.7.0.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (In millions) |
Income (loss) before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 53.5 |  |  |  | 97.8 |  |  |  | (8.8 | )
Foreign |  |  | 81.8 |  |  |  | 76.1 |  |  |  | 63.0 |
|  | $ | 135.3 |  |  |  | 173.9 |  |  |  | 54.2 |
Provision (benefit) for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Currently payable: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 21.9 |  |  |  | 31.7 |  |  |  | 43.8 |
Foreign |  |  | 27.5 |  |  |  | 23.6 |  |  |  | 18.8 |
State and local |  |  | 2.9 |  |  |  | 8.4 |  |  |  | 7.0 |
|  |  | 52.3 |  |  |  | 63.7 |  |  |  | 69.6 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (9.3 | ) |  |  | (14.3 | ) |  |  | (81.5 | )
Foreign |  |  | (4.5 | ) |  |  | 4.0 |  |  |  | (0.4 | )
State and local |  |  | (0.1 | ) |  |  | (5.3 | ) |  |  | (6.8 | )
|  |  | (13.9 | ) |  |  | (15.6 | ) |  |  | (88.7 | )
Total income tax expense (benefit) |  | $ | 38.4 |  |  |  | 48.1 |  |  |  | (19.1 | )
Components of Deferred Taxes | The components of deferred taxes as of December 31 were as follows:
|  | 2016 |  |  | 2015 |
|  | (In millions) |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventories |  | $ | 4.3 |  |  |  | 4.6 |
Property and equipment |  |  | 3.1 |  |  |  | 3.0 |
Accrued liabilities and other long-term liabilities |  |  | 14.1 |  |  |  | 13.0 |
Net operating losses |  |  | 17.9 |  |  |  | 12.9 |
Capitalized transactions costs |  |  | 7.0 |  |  |  | 5.5 |
Defined benefit pension plans |  |  | 11.9 |  |  |  | 6.6 |
Stock-based compensation |  |  | 14.2 |  |  |  | 14.2 |
Other |  |  | 6.0 |  |  |  | 11.2 |
|  |  | 78.5 |  |  |  | 71.0 |
Valuation allowance |  |  | (15.3 | ) |  |  | (11.8 | )
|  |  | 63.2 |  |  |  | 59.2 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | 90.1 |  |  |  | 91.2 |
Intangible assets |  |  | 169.6 |  |  |  | 181.7 |
Investments in foreign subsidiaries |  |  | 3.9 |  |  |  | 2.2 |
Debt issuance costs |  |  | 2.0 |  |  |  | 5.0 |
Other |  |  | 13.9 |  |  |  | 8.7 |
|  |  | 279.5 |  |  |  | 288.8 |
Net deferred tax liability |  | $ | 216.3 |  |  |  | 229.6 |
The balance sheet presentation of net deferred tax liability follows:
|  | 2016 |  |  | 2015 |
|  | (In millions) |
Assets: |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 7.4 |  |  |  | 1.7 |
Liabilities: |  |  |  |  |  |  |  |
Deferred income taxes |  |  | 223.7 |  |  |  | 231.3 |
Net deferred tax liability |  | $ | 216.3 |  |  |  | 229.6 |
Reconciliation of Tax Computed at Statutory Rate to Provision for Income Taxes Allocated to Income from Continuing Operations | The following is a reconciliation of tax computed at the U.S. federal statutory rate to the provision for income taxes allocated to income from continuing operations:
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (In millions) |
U.S. federal statutory rate |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Tax at U.S. federal statutory rate |  | $ | 47.3 |  |  |  | 60.9 |  |  |  | 19.0 |
Lower effective foreign tax rate |  |  | (7.7 | ) |  |  | (6.9 | ) |  |  | (6.1 | )
Change in valuation allowance |  |  | 3.6 |  |  |  | 2.4 |  |  |  | 4.8 |
Nondeductible transaction/other expenses |  |  | 3.1 |  |  |  | 1.7 |  |  |  | 3.6 |
Non-taxable income |  |  | (2.8 | ) |  |  | (2.6 | ) |  |  | (2.9 | )
Foreign tax credit - net |  |  | (2.6 | ) |  |  | — |  |  |  | — |
Tax holidays, credits and incentives |  |  | (2.5 | ) |  |  | (1.4 | ) |  |  | (4.7 | )
Domestic production activities deduction |  |  | (2.3 | ) |  |  | (3.6 | ) |  |  | (2.3 | )
Changes in unrecognized tax benefits |  |  | (1.9 | ) |  |  | 0.6 |  |  |  | (2.2 | )
Deferred tax on outside basis of foreign shares |  |  | 1.8 |  |  |  | (3.0 | ) |  |  | (31.6 | )
State and local taxes, net of federal tax benefit |  |  | 1.1 |  |  |  | 4.3 |  |  |  | (1.4 | )
Changes in prior-year estimates |  |  | 0.4 |  |  |  | (4.2 | ) |  |  | 2.6 |
Other, net |  |  | 0.9 |  |  |  | (0.1 | ) |  |  | (2.2 | )
Goodwill impairment |  |  | — |  |  |  | — |  |  |  | 4.3 |
Income tax expense (benefit) |  | $ | 38.4 |  |  |  | 48.1 |  |  |  | (19.1 | )
Reconciliation of Total Amounts of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31 follows:
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (In millions) |
Beginning balance |  | $ | 7.2 |  |  |  | 7.4 |  |  |  | 9.6 |
Additions to tax positions related to the current period |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 0.3 |
Additions to tax positions related to the prior period |  |  | 0.2 |  |  |  | 0.4 |  |  |  | 0.3 |
Reductions in tax positions resulting from settlements with taxing authorities |  |  | (3.5 | ) |  |  | — |  |  |  | (1.3 | )
Reductions in tax positions resulting from a lapse of the statute of limitations |  |  | (0.1 | ) |  |  | — |  |  |  | (0.2 | )
Other |  |  | (0.2 | ) |  |  | (0.9 | ) |  |  | (1.3 | )
Ending balance |  | $ | 4.1 |  |  |  | 7.2 |  |  |  | 7.4 |

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