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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of Earnings Before Incomes Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

Earnings (loss) from continuing operations before income taxes:

    

 

    

    

 

    

    

 

    

 

United States

 

$

92.1

 

$

(216.6)

 

$

65.9

 

Foreign

 

 

264.5

 

 

226.4

 

 

173.6

 

Earnings before income taxes

 

$

356.6

 

$

9.8

 

$

239.5

 

 

Components of Income Tax Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

Current:

    

 

    

    

 

    

    

 

    

 

Federal

 

$

27.0

 

$

(83.8)

 

$

19.5

 

State

 

 

3.3

 

 

 —

 

 

 —

 

Foreign

 

 

44.7

 

 

39.4

 

 

30.4

 

 

 

$

75.0

 

$

(44.4)

 

$

49.9

 

Deferred:

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(5.2)

 

 

(6.6)

 

 

(6.1)

 

State

 

 

 —

 

 

1.6

 

 

(1.1)

 

Foreign

 

 

1.1

 

 

1.5

 

 

1.9

 

 

 

 

(4.1)

 

 

(3.5)

 

 

(5.3)

 

Total income tax expense (benefit)

 

$

70.9

 

$

(47.9)

 

$

44.6

 

 

Difference Between Income Tax Expense and Amount Computed by Applying Statutory United States Federal Income Tax Rate to Pre-Tax Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

Statutory federal income tax expense

    

$

124.8

    

$

3.4

    

$

83.8

 

U.S. state income taxes

 

 

3.2

 

 

(7.6)

 

 

2.3

 

Foreign tax rate differential

 

 

(48.5)

 

 

(39.9)

 

 

(30.6)

 

Non-deductible charges/losses and other

 

 

5.0

 

 

8.9

 

 

3.0

 

Research and development credit

 

 

(13.6)

 

 

(12.7)

 

 

(13.9)

 

 

 

$

70.9

 

$

(47.9)

 

$

44.6

 

 

Tax Effects of Temporary Differences and Carryforwards that Give Rise to Deferred Income Tax Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2015

 

2014

 

Deferred tax assets:

    

 

    

    

 

    

 

Inventory reserves

 

$

11.0

 

$

11.4

 

Warranty reserves

 

 

19.6

 

 

16.6

 

Accrued liabilities

 

 

30.5

 

 

27.9

 

Net operating loss carryforward

 

 

3.5

 

 

2.8

 

Research and development credit carryforward

 

 

48.9

 

 

34.4

 

Alternative minimum tax credit carryforward

 

 

5.0

 

 

5.0

 

Other

 

 

6.8

 

 

3.8

 

 

 

$

125.3

 

$

101.9

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

Book to tax revenue differences

 

 

(11.9)

 

 

(4.3)

 

Intangible assets

 

 

(171.1)

 

 

(171.4)

 

Depreciation

 

 

(17.9)

 

 

(14.9)

 

Other

 

 

 —

 

 

(8.7)

 

Software development costs

 

 

 —

 

 

(0.1)

 

 

 

 

(200.9)

 

 

(199.4)

 

Deferred tax liability before valuation allowance

 

 

(75.6)

 

 

(97.5)

 

Valuation allowance

 

 

(17.1)

 

 

(12.9)

 

Net deferred tax liability 

 

$

(92.7)

 

$

(110.4)

 

 

Reconciliation of Beginning and Ending Amounts of Gross Uncertain Tax Positions

 

 

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

    

2013

 

Balance, beginning of the period

 

$

75.7

 

$

47.5

 

$

34.6

 

Additions for current year tax positions

 

 

16.1

 

 

38.1

 

 

10.8

 

Additions for tax positions of prior years

 

 

0.8

 

 

1.6

 

 

2.1

 

Settlements of tax positions

 

 

(2.7)

 

 

 —

 

 

 —

 

Impact of Spin-Off

 

 

 —

 

 

(11.2)

 

 

 —

 

Currency fluctuations

 

 

(0.7)

 

 

(0.3)

 

 

 —

 

Balance, end of the period

 

$

89.2

 

$

75.7

 

$

47.5