XML 52 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income Before Taxes And Noncontrolling Interest
Income (loss) before taxes consisted of the following (in millions):
 
 
2016
 
2015
 
2014
United States
 
$
143.4

 
$
25.8

 
$
(11.2
)
Foreign
 
123.0

 
171.1

 
101.5

Total
 
$
266.4

 
$
196.9

 
$
90.3
Provision For Income Taxes
The provision for income taxes is summarized as follows (in millions):
 
 
2016
 
2015
 
2014
Current
 
 
 
 
 
 
 Federal
 
$
23.1

 
$
13.5

 
$
37.8

 State
 
3.5

 
0.2

 
1.5

 Foreign
 
30.4

 
45.1

 
41.3

 
 
$
57.0

 
$
58.8

 
$
80.6

Deferred
 
 
 
 
 
 
 Federal
 
$
5.6

 
$
(2.0
)
 
$
(21.2
)
 State
 
1.8

 
(0.9
)
 
(2.0
)
 Foreign
 
(7.3
)
 
(7.5
)
 
(3.2
)
 
 
0.1

 
(10.4
)
 
(26.4
)
Total
 
$
57.1

 
$
48.4

 
$
54.2
Reconciliation Of The Statutory Federal Income Tax Rate And The Effective Tax Rate
A reconciliation of the statutory federal income tax rate and the effective tax rate reflected in the consolidated statements of income follows:
 
 
2016
 
2015
 
2014
Federal Statutory Rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State Income Taxes, Net of Federal Benefit
 
1.5
 %
 
(0.2
)%
 
(0.4
)%
Domestic Production Activities Deduction
 
(1.1
)%
 
(1.0
)%
 
(2.7
)%
Foreign Rate Differential - China
 
(2.0
)%
 
(3.3
)%
 
(7.7
)%
Foreign Rate Differential - All Other
 
(6.0
)%
 
(7.2
)%
 
(4.8
)%
Research and Development Credit
 
(2.3
)%
 
(4.1
)%
 
(7.4
)%
Goodwill Impairment
 
—
 %
 
4.0
 %
 
42.9
 %
Valuation Allowance
 
—
 %
 
—
 %
 
4.2
 %
Adjustments to Tax Accruals and Reserves
 
0.7
 %
 
2.1
 %
 
2.4
 %
Write Down of Venezuelan Assets
 
—
 %
 
2.3
 %
 
—
 %
Other
 
(4.4
)%
 
(3.0
)%
 
(1.5
)%
Effective Tax Rate
 
21.4
 %
 
24.6
 %
 
60.0
 %
Components Of Net Deferred Tax Asset (Liability)
The components of this net deferred tax liability are as follows (in millions):
 
 
December 31,
2016
 
January 2,
2016
Accrued Employee Benefits
 
$
75.1

 
$
72.9

Bad Debt Allowances
 
2.7

 
4.9

Warranty Accruals
 
5.5

 
4.9

Inventory
 
21.3

 
22.5

Accrued Liabilities
 
9.2

 
7.4

Derivative Instruments
 
25.9

 
30.3

Tax Loss Carryforward
 
12.4

 
14.4

Valuation Allowance
 
(6.8
)
 
(8.2
)
Other
 
5.0

 
4.7

    Deferred Tax Assets
 
150.3

 
153.8

Property Related
 
(31.4
)
 
(46.1
)
Intangible Items
 
(194.2
)
 
(190.0
)
    Deferred Tax Liabilities
 
(225.6
)
 
(236.1
)
Net Deferred Tax Liability
 
$
(75.3
)
 
$
(82.3
)
Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits
Following is a reconciliation of the beginning and ending amount of unrecognized tax benefits (in millions):
Unrecognized Tax Benefits, December 28, 2013
 
$
4.4

Gross Increases from Prior Period Tax Positions
 
0.1

Gross Increases from Current Period Tax Positions
 
3.6

Settlements with Taxing Authorities
 
(2.1
)
Lapse of Statute of Limitations
 
(0.2
)
Unrecognized Tax Benefits, January 3, 2015
 
$
5.8

Gross Increases from Prior Period Tax Positions
 
—

Gross Increases from Current Period Tax Positions
 
4.0

Settlements with Taxing Authorities
 
(1.3
)
Lapse of Statute of Limitations
 
(0.2
)
Unrecognized Tax Benefits, January 2, 2016
 
$
8.3

Gross Increases from Prior Period Tax Positions
 
—

Gross Increases from Current Period Tax Positions
 
2.0

Settlements with Taxing Authorities
 
—

Lapse of Statute of Limitations
 
(0.3
)
Unrecognized Tax Benefits, December 31, 2016
 
$
10.0