Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of income tax provision (benefits) from continuing operations

Our income tax provision (benefit) from continuing operations consisted of the following (in millions):



	For the Years Ended December 31,
	2012			2011			2010
Current:
Federal	$	47.5		$	41.4		$	59.7
State	7.3			5.3			8.6
Foreign	13.4			7.3			5.6
Total current	68.2			54.0			73.9
Deferred:
Federal	0.7			0.4			(4.5		)
State	(0.2		)	(1.0		)	(3.2		)
Foreign	(2.0		)	2.4			(1.4		)
Total deferred	(1.5		)	1.8			(9.1		)
Total income tax provision	$	66.7		$	55.8		$	64.8

Income from continuing operations before income taxes

Income from continuing operations before income taxes was comprised of the following (in millions):



	For the Years Ended December 31,
	2012		2011		2010
Domestic	$	169.9	$	134.9	$	181.7
Foreign	31.8		32.4		9.0
Total	$	201.7	$	167.3	$	190.7

Summary of difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes

The difference between the income tax provision from continuing operations computed at the statutory federal income tax rate and the financial statement provision for taxes is summarized as follows (in millions):



	For the Years Ended December 31,
	2012			2011			2010
Provision at the U.S. statutory rate of 35%	$	70.6		$	58.6		$	67.1
Increase (reduction) in tax expense resulting from:
State income tax, net of federal income tax benefit	5.9			2.9			3.2
Other permanent items	(3.1		)	(3.5		)	(2.3		)
Research tax credit	—			(0.3		)	(0.5		)
Change in unrecognized tax benefits	(5.1		)	(0.6		)	(0.2		)
Change in valuation allowance	2.3			(0.7		)	(1.8		)
Foreign taxes at rates other than 35% and miscellaneous other	(3.9		)	(0.6		)	(0.7		)
Total income tax provision	$	66.7		$	55.8		$	64.8

Summary of deferred tax assets (liabilities)

Deferred tax assets (liabilities) were comprised of the following (in millions):



	As of December 31,
	2012			2011
Gross deferred tax assets:
Warranties	$	26.4		$	26.1
Net operating losses (foreign and U.S. state)	20.1			21.8
Post-retirement and pension benefits	52.9			55.3
Inventory reserves	8.2			5.4
Receivables allowance	5.0			6.0
Compensation liabilities	17.2			17.9
Deferred income	0.8			0.7
Insurance liabilities	22.9			18.1
Other	9.5			12.5
Total deferred tax assets	163.0			163.8
Valuation allowance	(10.9		)	(12.7		)
Total deferred tax assets, net of valuation allowance	152.1			151.1
Gross deferred tax liabilities:
Depreciation	(13.3		)	(15.2		)
Intangibles	(6.9		)	(5.1		)
Other	(1.6		)	(2.7		)
Total deferred tax liabilities	(21.8		)	(23.0		)
Net deferred tax assets	$	130.3		$	128.1

Summary of reconciliation of the beginning and ending amount of unrecognized tax benefits

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



Balance as of December 31, 2010	$	1.0
Decreases related to prior year tax positions	(0.7		)
Increases related to current year tax positions	5.7
Settlements	(0.1		)
Balance as of December 31, 2011	5.9
Increases related to prior year tax positions	0.8
Decreases related to prior year tax positions	(5.8		)
Increases related to current year tax positions	0.1
Balance as of December 31, 2012	$	1.0