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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule Of Deferred Tax Assets and Liabilities

 

 

 

December 31, 2016

 

 

December 31, 2015

 

Deferred income tax assets (liabilities)

 

 

 

 

 

 

 

 

Net operating losses

 

$

71.9

 

 

$

83.7

 

Postretirement benefits

 

 

38.1

 

 

 

45.4

 

Pension benefit liabilities

 

 

45.2

 

 

 

74.0

 

Deferred compensation

 

 

17.8

 

 

 

24.2

 

Foreign exchange unrealized

 

 

1.3

 

 

 

18.8

 

Foreign tax credit carryforwards

 

 

19.3

 

 

 

12.3

 

State tax credit carryforwards

 

 

9.1

 

 

 

9.7

 

Other

 

 

16.9

 

 

 

30.4

 

Total deferred income tax assets

 

 

219.6

 

 

 

298.5

 

Valuation allowances

 

 

(60.5

)

 

 

(69.1

)

Net deferred income tax assets

 

 

159.1

 

 

 

229.4

 

Intangibles

 

 

(211.8

)

 

 

(214.3

)

Accumulated depreciation

 

 

(51.7

)

 

 

(52.5

)

Prepaid pension costs

 

 

(18.8

)

 

 

-

 

Inventories

 

 

(8.8

)

 

 

(7.5

)

Other

 

 

(9.1

)

 

 

(13.1

)

Total deferred income tax liabilities

 

 

(300.2

)

 

 

(287.4

)

Net deferred income tax liabilities

 

$

(141.1

)

 

$

(58.0

)

Deferred income taxes have been classified in the Consolidated Balance

   Sheet as:

 

 

 

 

 

 

 

 

Deferred income tax assets - current

 

$

-

 

 

$

29.8

 

Deferred income tax assets - noncurrent

 

 

15.4

 

 

 

19.5

 

Deferred income tax liabilities - current

 

 

-

 

 

 

(0.6

)

Deferred income tax liabilities - noncurrent

 

 

(156.5

)

 

 

(106.7

)

Net deferred income tax liabilities

 

$

(141.1

)

 

$

(58.0

)

 

Schedule Of Income Tax Expense (Benefit)

 

 

2016

 

 

2015

 

 

2014

 

Details of taxes

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

144.9

 

 

$

143.0

 

 

$

187.7

 

Foreign

 

 

(18.3

)

 

 

(38.2

)

 

 

(39.3

)

Elimination of dividends from foreign subsidiaries

 

 

17.7

 

 

 

(24.7

)

 

 

-

 

Total

 

$

144.3

 

 

$

80.1

 

 

$

148.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

2.5

 

 

$

25.1

 

 

$

26.6

 

Foreign

 

 

11.7

 

 

 

5.6

 

 

 

8.1

 

State

 

 

(0.5

)

 

 

0.2

 

 

 

1.4

 

Total current

 

 

13.7

 

 

 

30.9

 

 

 

36.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

22.5

 

 

 

12.7

 

 

 

21.0

 

Foreign

 

 

(2.2

)

 

 

(0.5

)

 

 

0.1

 

State

 

 

16.4

 

 

 

10.4

 

 

 

12.1

 

Total deferred

 

 

36.7

 

 

 

22.6

 

 

 

33.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax expense

 

$

50.4

 

 

$

53.5

 

 

$

69.3

 

 

Schedule Of The Reconciliation To U.S. Statutory Tax Rate

 

 

 

2016

 

 

2015

 

 

2014

 

Reconciliation to U.S. statutory tax rate

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations tax at statutory rate

 

$

50.5

 

 

$

28.0

 

 

$

51.9

 

Increase in valuation allowances on deferred foreign

   income tax assets

 

 

16.2

 

 

 

19.3

 

 

 

18.7

 

State income tax expense, net of federal benefit

 

 

3.8

 

 

 

4.7

 

 

 

4.8

 

Separation costs

 

 

15.1

 

 

 

2.9

 

 

 

-

 

Permanent book/tax differences

 

 

(2.6

)

 

 

3.0

 

 

 

(1.5

)

Increase in valuation allowances on deferred

   domestic income tax assets

 

 

0.8

 

 

 

4.1

 

 

 

3.0

 

Domestic production activities

 

 

(3.1

)

 

 

(5.1

)

 

 

(5.8

)

Tax on foreign and foreign-source income

 

 

(3.4

)

 

 

-

 

 

 

(0.7

)

Federal statute closure

 

 

(15.2

)

 

 

-

 

 

 

-

 

Benefit from write-off of historical tax basis of foreign subsidiary

 

 

(13.7

)

 

 

-

 

 

 

-

 

Other

 

 

2.0

 

 

 

(3.4

)

 

 

(1.1

)

Tax expense at effective rate

 

$

50.4

 

 

$

53.5

 

 

$

69.3

 

 

Schedule Of Unrecognized Tax Benefits

 

 

2016

 

 

2015

 

 

2014

 

Unrecognized tax benefits balance at January 1,

 

$

150.6

 

 

$

142.6

 

 

$

145.2

 

Gross change for current year positions

 

 

2.3

 

 

 

10.4

 

 

 

10.5

 

Increases for prior period positions

 

 

0.2

 

 

 

1.9

 

 

 

2.9

 

Decrease for prior period positions

 

 

(12.8

)

 

 

(4.1

)

 

 

(14.1

)

Decrease due to settlements and payments

 

 

-

 

 

 

-

 

 

 

(1.2

)

Decrease due to statute expirations

 

 

(53.4

)

 

 

(0.2

)

 

 

(0.7

)

Unrecognized tax benefits balance at December 31,

 

$

86.9

 

 

$

150.6

 

 

$

142.6

 

 

Schedule Of Other Taxes

 

 

 

2016

 

 

2015

 

 

2014

 

Other taxes

 

 

 

 

 

 

 

 

 

 

 

 

Payroll taxes

 

$

26.5

 

 

$

27.4

 

 

$

30.6

 

Property, franchise and capital stock taxes

 

 

6.2

 

 

 

6.4

 

 

 

6.4