Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of income tax provision (benefits) from continuing operations

Our Provision for income taxes from continuing operations consisted of the following (in millions):



	For the Years Ended December 31,
	2013			2012			2011
Current:
Federal	$	71.9		$	47.5		$	41.4
State	8.5			7.3			5.3
Foreign	16.2			13.4			7.3
Total current	96.6			68.2			54.0
Deferred:
Federal	(4.0		)	0.7			0.4
State	2.5			(0.2		)	(1.0		)
Foreign	(0.7		)	(2.0		)	2.4
Total deferred	(2.2		)	(1.5		)	1.8
Total provision for income taxes	$	94.4		$	66.7		$	55.8

The components of Interest expense, net in our Consolidated Statements of Operations were as follows (in millions):



	For the Years Ended December 31,
	2013		2012		2011
Interest expense, net of capitalized interest	$	16.5	$	18.9	$	18.7
Interest income	2.0		1.8		1.9
Interest expense, net	$	14.5	$	17.1	$	16.8

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,
	2013		2012		2011
Domestic	$	231.1	$	169.9	$	134.9
Foreign	43.2		31.8		32.4
Total	$	274.3	$	201.7	$	167.3

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 income taxes is summarized as follows (in millions):



	For the Years Ended December 31,
	2013			2012			2011
Provision at the U.S. statutory rate of 35%	$	96.0		$	70.6		$	58.6
Increase (reduction) in tax expense resulting from:
State income tax, net of federal income tax benefit	7.1			5.9			2.9
Other permanent items	(6.4		)	(3.1		)	(3.5		)
Research tax credit	(0.5		)	—			(0.3		)
Change in unrecognized tax benefits	0.7			(5.1		)	(0.6		)
Change in valuation allowance	0.7			2.3			(0.7		)
Foreign taxes at rates other than 35% and miscellaneous other	(3.2		)	(3.9		)	(0.6		)
Total provision for income taxes	$	94.4		$	66.7		$	55.8

Summary of deferred tax assets (liabilities)

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



	As of December 31,
	2013			2012
Gross deferred tax assets:
Warranties	$	29.3		$	26.4
Loss carryforwards (foreign, U.S. and state)	28.2			20.1
Post-retirement and pension benefits	28.3			52.9
Inventory reserves	4.8			8.2
Receivables allowance	5.1			5.0
Compensation liabilities	22.6			17.2
Deferred income	0.9			0.8
Insurance liabilities	18.1			22.9
Legal Reserves	3.9			1.4
State credits, net of federal effect	8.7			1.1
Other	8.3			7.0
Total deferred tax assets	158.2			163.0
Valuation allowance	(21.2		)	(10.9		)
Total deferred tax assets, net of valuation allowance	137.0			152.1
Gross deferred tax liabilities:
Depreciation	(12.4		)	(13.3		)
Intangibles	(8.7		)	(6.9		)
Other	(2.9		)	(1.6		)
Total deferred tax liabilities	(24.0		)	(21.8		)
Net deferred tax assets	$	113.0		$	130.3

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, 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
Increases related to prior year tax positions	0.7
Decreases related to prior year tax positions	(0.1		)
Increases related to current year tax positions	0.1
Balance as of December 31, 2013	$	1.7