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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule Of Deferred Tax Assets and Liabilities

 

 

 

December 31, 2017

 

 

December 31, 2016

 

Deferred income tax assets (liabilities)

 

 

 

 

 

 

 

 

Net operating losses

 

$

35.6

 

 

$

32.0

 

Postretirement benefits

 

 

23.3

 

 

 

38.1

 

Pension benefit liabilities

 

 

16.7

 

 

 

42.4

 

Deferred compensation

 

 

12.1

 

 

 

17.8

 

Undistributed foreign earnings

 

 

17.7

 

 

 

-

 

Foreign tax credit carryforwards

 

 

15.7

 

 

 

19.3

 

State tax credit carryforwards

 

 

10.5

 

 

 

9.1

 

Other

 

 

12.6

 

 

 

7.8

 

Total deferred income tax assets

 

 

144.2

 

 

 

166.5

 

Valuation allowances

 

 

(47.4

)

 

 

(17.3

)

Net deferred income tax assets

 

 

96.8

 

 

 

149.2

 

Intangibles

 

 

(136.3

)

 

 

(211.8

)

Accumulated depreciation

 

 

(56.1

)

 

 

(49.2

)

Prepaid pension costs

 

 

(20.4

)

 

 

(18.9

)

Inventories

 

 

(4.4

)

 

 

(7.2

)

Other

 

 

(1.7

)

 

 

(1.8

)

Total deferred income tax liabilities

 

 

(218.9

)

 

 

(288.9

)

Net deferred income tax liabilities

 

$

(122.1

)

 

$

(139.7

)

Deferred income taxes have been classified in the Consolidated Balance

   Sheet as:

 

 

 

 

 

 

 

 

Deferred income tax assets - noncurrent

 

$

19.6

 

 

$

14.4

 

Deferred income tax liabilities - noncurrent

 

 

(141.7

)

 

 

(154.1

)

Net deferred income tax liabilities

 

$

(122.1

)

 

$

(139.7

)

 

Schedule Of Income Tax Expense (Benefit)

 

 

2017

 

 

2016

 

 

2015

 

Details of taxes

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) from continuing operations before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

$

224.1

 

 

$

147.8

 

 

$

92.7

 

Foreign

 

 

(2.0

)

 

 

2.8

 

 

 

1.9

 

Total

 

$

222.1

 

 

$

150.6

 

 

$

94.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

26.2

 

 

$

15.1

 

 

$

16.8

 

Foreign

 

 

1.4

 

 

 

5.0

 

 

 

2.8

 

State

 

 

4.7

 

 

 

(6.7

)

 

 

(4.8

)

Total current

 

 

32.3

 

 

 

13.4

 

 

 

14.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(36.6

)

 

 

22.6

 

 

 

12.7

 

Foreign

 

 

(0.1

)

 

 

(1.1

)

 

 

(1.2

)

State

 

 

5.9

 

 

 

16.4

 

 

 

10.4

 

Total deferred

 

 

(30.8

)

 

 

37.9

 

 

 

21.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax expense

 

$

1.5

 

 

$

51.3

 

 

$

36.7

 

 

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

 

 

 

2017

 

 

2016

 

 

2015

 

Reconciliation to U.S. statutory tax rate

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations tax at statutory rate

 

$

77.7

 

 

$

52.7

 

 

$

33.1

 

Increase in valuation allowances on deferred

   domestic income tax assets

 

 

9.1

 

 

 

0.8

 

 

 

4.1

 

State income tax expense, net of federal benefit

 

 

7.9

 

 

 

3.2

 

 

 

4.0

 

Separation costs

 

 

-

 

 

 

15.1

 

 

 

-

 

Domestic production activities

 

 

(5.8

)

 

 

(1.9

)

 

 

(5.2

)

Federal statute closure

 

 

(2.3

)

 

 

(15.2

)

 

 

-

 

2017 Tax Act

 

 

(82.5

)

 

 

-

 

 

 

-

 

Other

 

 

(2.6

)

 

 

(3.4

)

 

 

0.7

 

Tax expense at effective rate

 

$

1.5

 

 

$

51.3

 

 

$

36.7

 

 

Schedule Of Unrecognized Tax Benefits

 

 

2017

 

 

2016

 

 

2015

 

Unrecognized tax benefits balance at January 1,

 

$

86.9

 

 

$

150.6

 

 

$

142.6

 

Gross change for current year positions

 

 

(2.2

)

 

 

2.3

 

 

 

10.4

 

Increases for prior period positions

 

 

2.9

 

 

 

0.2

 

 

 

1.9

 

Decrease for prior period positions

 

 

(0.1

)

 

 

(12.8

)

 

 

(4.1

)

Decrease due to settlements and payments

 

 

-

 

 

 

-

 

 

 

-

 

Decrease due to statute expirations

 

 

(34.1

)

 

 

(53.4

)

 

 

(0.2

)

Unrecognized tax benefits balance at December 31,

 

$

53.4

 

 

$

86.9

 

 

$

150.6

 

 

Schedule Of Other Taxes

 

 

 

2017

 

 

2016

 

 

2015

 

Other taxes

 

 

 

 

 

 

 

 

 

 

 

 

Payroll taxes

 

$

14.2

 

 

$

13.9

 

 

$

14.0

 

Property, franchise and capital stock taxes

 

 

4.0

 

 

 

4.0

 

 

 

4.0