Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

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

(in millions)	2015		2014			2013
Continuing operations
U.S. domestic	$	393.8	$	318.9		$	291.9
Foreign		74.1		57.2			41.1
Total pre-tax income from continuing operations		467.9		376.1			333.0
Discontinued operations
U.S. domestic		0.1		(3.2	)		(132.4	)
Foreign		—		1.1			71.9
Total pre-tax income (loss) from discontinued operations		0.1		(2.1	)		(60.5	)
Total pre-tax income	$	468.0	$	374.0		$	272.5

Summary of provision for income taxes from continuing operations

(in millions)	2015			2014			2013
Current expense
Federal and State	$	140.1		$	118.4		$	97.2
Foreign		24.0			16.1			21.9
Total current expense		164.1			134.5			119.1
Deferred expense (benefit)
Federal and State		(12.7	)		(8.5	)		(8.2	)
Foreign		(3.1	)		(1.6	)		(13.1	)
Total deferred expense (benefit)		(15.8	)		(10.1	)		(21.3	)
Total tax expense	$	148.3		$	124.4		$	97.8

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

(in millions)	2015			2014			2013
Taxes at the 35% U.S. statutory rate	$	163.8		$	131.6		$	116.6
State and local taxes, net of federal income tax benefit		1.9			7.4			4.9
Benefit of foreign earnings taxed at lower rates		(7.9	)		(5.2	)		(3.0	)
Benefit for domestic manufacturing deduction		(11.5	)		(8.7	)		(9.7	)
Benefit associated with foreign reorganization		—			—			(11.8	)
Other, net		2.0			(0.7	)		0.8
Tax expense	$	148.3		$	124.4		$	97.8
Effective income tax rate on continuing operations		31.7	%		33.1	%		29.4	%

Schedule of deferred tax assets (liabilities)

(in millions)	2015			2014
Deferred revenue	$	25.3		$	25.7
Warranty reserves		5.6			4.3
Inventory reserves		10.9			9.0
Allowance for doubtful accounts		4.6			3.8
Employee benefits		41.5			41.4
Foreign loss carryforwards		1.9			3.7
Deferred state tax attributes		16.2			15.8
Other, net		(1.4	)		2.3
Gross deferred assets		104.6			106.0
Valuation allowances		(4.3	)		(9.6	)
Deferred tax assets after valuation allowances	$	100.3		$	96.4
Depreciation		(46.5	)		(43.8	)
Amortization		(55.1	)		(47.3	)
Acquired identifiable intangibles		(142.4	)		(136.2	)
Gross deferred liabilities		(244.0	)		(227.3	)
Net deferred tax liabilities	$	(143.7	)	$	(130.9	)

Schedule of Deferred tax assets and (liabilities) included in the balance sheet

(in millions)	2015			2014
Deferred income taxes	$	—		$	35.4
Accrued expenses		—			(0.2	)
Other long-term assets		0.3			1.4
Other long-term liabilities		(144.0	)		(167.5	)
Net deferred tax liabilities	$	(143.7	)	$	(130.9	)

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

(in millions)	2015			2014			2013
Balance at January 1	$	23.8		$	10.2		$	9.3
Additions based on tax positions related to current year		0.9			1.8			1.3
Additions related to purchase accounting		3.0			13.6			—
Adjustments for tax positions of prior years		1.3			(0.1	)		1.6
Reductions due to statute of limitations		(1.2	)		(1.2	)		(2.0	)
Reductions due to settlements		—			(0.4	)		—
Adjustments due to foreign exchange rates		(0.1	)		(0.1	)		—
Balance at December 31	$	27.7		$	23.8		$	10.2