Annual report pursuant to Section 13 and 15(d)

Income Taxes, Income Tax Reconciliation and Allocation of Income Tax Provision (Details)

v3.19.3.a.u2
Income Taxes, Income Tax Reconciliation and Allocation of Income Tax Provision (Details) - USD ($)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 28, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax [1]   $ (292.8) [2] $ 0.0 $ (96.6)
Deferred Tax Liabilities, Undistributed Foreign Earnings   0.0 0.0  
Effective Income Tax Rate Reconciliation, Pension Settlement Charge, Income Tax Expense (Benefit)   (73.9)    
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]        
Income Tax Provision at 35 Percent   23.2 65.2 74.5
State and Local Income Taxes, Net of Federal Income Tax Effect   (3.6) 8.8 3.9
Deferred Tax Asset Valuation Allowance   (3.5) 4.0 5.9
Equity Compensation   (2.9) (3.1) (7.3)
Change in Estimates Related to Prior Years and Prior Years Amended Tax Return Filings   (2.9) 1.6 1.4
Federal and State Tax Credits   (11.6) (11.6) (9.5)
Taxes Related to Foreign Income, Net of Credits   (5.2) (6.5) (21.5)
Deferred Tax Reassessment   1.9 3.3 2.1
Tax Law Changes   0.0 (5.2) 66.7
FDII Deduction   (5.5) (2.6) 0.0
Effective Income Tax Rate Reconciliation, Pension Settlement Charge, Gross $ 91.4 91.4 0.0 0.0
Other   (1.0) 3.4 (4.6)
Income Tax Provision   $ 80.3 $ 57.3 $ 111.6
Federal Statutory Income Tax Rate   21.00% 21.00% 35.00%
Effective Tax Rate   72.60% 18.50% 52.40%
Income Tax Expense (Benefit), Intraperiod Tax Allocation [Abstract]        
Continuing Operations   $ 80.3 $ 57.3 $ 111.6
Discontinued Operations   (40.1) 2.6 23.2
Total Tax Provision   $ 40.2 $ 59.9 $ 134.8
CHINA        
Foreign Statutory Tax Rate   15.00%    
POLAND        
Foreign Statutory Tax Rate   19.00%    
[1]
(A)
These Accumulated other comprehensive income (loss) components are included in the computation of net pension and other benefit costs. See Note 17 – Postretirement Benefits for additional details.
[2]
(B)
In 2019, the Company fully exited its qualified benefit pension plans and as a result, recorded a pre-tax settlement charge of $292.8 million. The income tax impact of the settlement action was a net provision of $17.5 million, consisting of an income tax benefit of $73.9 million associated with the pension settlement charge netted against an income tax charge of $91.4 million resulting from the release of disproportionate tax effects in Accumulated Other Comprehensive Income. Refer to Note 17 – Postretirement Benefits and Note 12 – Income Taxes in the Notes to Consolidated Financial Statements for further information on the pension settlement and related income tax consequences, respectively.