Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of income before tax from U.S. and non-U.S. operations

In millions	2013			2012		2011
Continuing operations
U.S. domestic	$	291.9		$	311.8	$	220.0
Foreign		41.1			34.6		25.0
Total pre-tax income from continuing operations		333.0			346.4		245.0
Discontinued operations
U.S. domestic		(132.4	)		40.6		(4.6	)
Foreign		71.9			14.6		11.1
Total pre-tax income (loss) from discontinued operations		(60.5	)		55.2		6.5
Total pre-tax income	$	272.5		$	401.6	$	251.5

Summary of provision for income taxes from continuing operations

In millions	2013			2012			2011
Current expense
Federal and State	$	97.2		$	114.1		$	65.3
Foreign		21.9			14.2			11.0
Total current expense		119.1			128.3			76.3
Deferred expense (benefit)
Federal and State		(8.2	)		(6.3	)		5.0
Foreign		(13.1	)		(4.3	)		(8.3	)
Total deferred expense (benefit)		(21.3	)		(10.6	)		(3.3	)
Total tax expense	$	97.8		$	117.7		$	73.0

Schedule of reconciliation of taxes from continuing operations computed at the statutory rate to the tax provision

In millions	2013			2012			2011
Taxes at the 35% U.S. statutory rate	$	116.6		$	121.2		$	85.8
State and local taxes, net of federal income tax benefit		6.2			6.4			4.5
Benefit of foreign earnings taxed at lower rates		(3.0	)		(2.2	)		(0.1	)
Benefit for domestic manufacturing deduction		(9.7	)		(10.5	)		(6.9	)
Benefits from state tax incentives		(1.3	)		—			—
Benefit associated with foreign reorganization		(11.8	)		1.0			(5.0	)
Change in valuation allowances		0.8			(2.2	)		—
Other, net		—			4.0			(5.3	)
Tax expense	$	97.8		$	117.7		$	73.0
Effective income tax rate on continuing operations		29.4	%		34.0	%		29.8	%

Schedule of deferred tax assets (liabilities)

In millions	2013			2012
Deferred revenue	$	20.2		$	18.8
Warranty reserves		4.1			4.5
Inventory reserves		9.1			11.0
Doubtful receivables		1.9			4.1
Employee benefits		41.0			30.0
Foreign loss carry forwards		6.2			8.7
Deferred state tax attributes		18.2			14.7
Other, net		9.8			2.7
Gross deferred assets		110.5			94.5
Valuation allowances		(13.5	)		(10.3	)
Deferred tax assets after valuation allowances	$	97.0		$	84.2
Depreciation		(52.4	)		(53.4	)
Amortization		(43.2	)		(35.1	)
Acquired identifiable intangibles		(127.6	)		(140.7	)
Other, net		—			(1.0	)
Gross deferred liabilities		(223.2	)		(230.2	)
Net deferred tax liabilities	$	(126.2	)	$	(146.0	)

Schedule of Deferred tax assets and liabilities

In millions	2013			2012
Deferred income taxes	$	35.7		$	37.3
Accrued expenses	$	(0.8	)		—
Other long-term assets		4.9			4.9
Other long-term liabilities		(166.0	)		(188.2	)
Net deferred tax liabilities	$	(126.2	)	$	(146.0	)

Schedule of un-repatriated earnings

In millions	2013		2012		2011
Indefinitely reinvested	$	403.8	$	300.5	$	266.9
Not indefinitely reinvested		—		—		0.9
Total	$	403.8	$	300.5	$	267.8

Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits (before estimated interest and penalties)

In millions	2013			2012			2011
Balance at January 1	$	9.3		$	9.6		$	13.1
Additions based on tax positions related to current year		1.3			1.5			1.8
Additions (reductions) related to purchase accounting		—			1.6			(2.8	)
Adjustments for tax positions of prior years		1.6			(0.4	)		0.2
Reductions due to statute of limitations		(2.0	)		(2.4	)		(2.6	)
Reductions due to settlementss		—			(0.6	)		(0.1	)
Balance at December 31		10.2		$	9.3		$	9.6