Rendering

Component: (Network and Table)
Network
2307301 - Disclosure - Income Taxes (Tables)
(http://www.agcocorp.com/role/IncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Income Tax Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Income Tax Disclosure [Abstract]
 
Schedule of Income before Income Tax, Domestic and Foreign
The sources of income (loss) before income taxes and equity in net earnings of affiliates were as follows for the years ended December 31, 2016, 2015 and 2014 (in millions):
 
2016
 
2015
 
2014
United States
$
(150.0
)
 
$
(49.1
)
 
$
63.5

Foreign
354.9

 
328.5

 
475.5

Income before income taxes and equity in net earnings of affiliates
$
204.9

 
$
279.4

 
$
539.0

 
 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes by location of the taxing jurisdiction for the years ended December 31, 2016, 2015 and 2014 consisted of the following (in millions):
 
2016
 
2015
 
2014
Current:
 

 
 

 
 

United States:
 

 
 

 
 

Federal
$
(24.3
)
 
$
(1.3
)
 
$
12.6

State
0.2

 
2.8

 
2.8

Foreign
114.2

 
97.8

 
168.7

 
90.1

 
99.3

 
184.1

Deferred:
 

 
 

 
 

United States:
 

 
 

 
 

Federal
21.9

 
(19.0
)
 
(0.4
)
State

 

 

Foreign
(19.8
)
 
(7.8
)
 
4.0

 
2.1

 
(26.8
)
 
3.6

 
$
92.2

 
$
72.5

 
$
187.7

 
 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income taxes computed at the United States federal statutory income tax rate (35%) to the provision for income taxes reflected in the Company’s Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014 is as follows (in millions):
 
2016
 
2015
 
2014
Provision for income taxes at United States federal statutory rate of 35%
$
71.7

 
$
97.8

 
$
188.7

State and local income taxes, net of federal income tax effects
(6.0
)
 
(2.0
)
 
2.6

Taxes on foreign income which differ from the United States statutory rate
(44.5
)
 
(34.9
)
 
(33.4
)
Tax effect of permanent differences
14.4

 
7.1

 
(10.3
)
Change in valuation allowance
37.9

 
(4.5
)
 
22.8

Change in tax contingency reserves
23.4

 
15.4

 
25.2

Research and development tax credits
(3.8
)
 
(4.9
)
 
(7.1
)
Other
(0.9
)
 
(1.5
)
 
(0.8
)
 
$
92.2

 
$
72.5

 
$
187.7

 
 
Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows (in millions):
 
2016
 
2015
Deferred Tax Assets:
 

 
 

Net operating loss carryforwards
$
85.5

 
$
74.0

Sales incentive discounts
73.7

 
86.6

Inventory valuation reserves
39.9

 
40.3

Pensions and postretirement health care benefits
70.4

 
63.4

Warranty and other reserves
118.1

 
91.8

Research and development tax credits
11.2

 
9.3

Foreign tax credits
24.0

 
2.2

Other
24.6

 
22.4

Total gross deferred tax assets
447.4

 
390.0

Valuation allowance
(116.0
)
 
(75.8
)
Total net deferred tax assets
331.4

 
314.2

Deferred Tax Liabilities:
 

 
 

Tax over book depreciation and amortization
284.9

 
275.1

Investment in affiliates
45.6

 
10.4

Other
13.6

 
14.4

Total deferred tax liabilities
344.1

 
299.9

Net deferred tax (liabilities) assets
$
(12.7
)
 
$
14.3

Amounts recognized in Consolidated Balance Sheets:
 

 
 

Deferred tax assets - noncurrent
$
99.7

 
$
100.7

Deferred tax liabilities - noncurrent
(112.4
)
 
(86.4
)
 
$
(12.7
)
 
$
14.3

 
 
Summary of Income Tax Contingencies
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits as of and during the years ended December 31, 2016 and 2015 is as follows (in millions):
 
2016
 
2015
Gross unrecognized income tax benefits
$
133.0

 
$
130.6

Additions for tax positions of the current year
14.4

 
14.4

Additions for tax positions of prior years
15.2

 
7.1

Reductions for tax positions of prior years for:
 

 
 

Changes in judgments
(1.2
)
 
(0.3
)
Settlements during the year
(13.8
)
 

Lapses of applicable statute of limitations
(5.0
)
 
(5.8
)
 Foreign currency translation
(2.7
)
 
(13.0
)
Gross unrecognized income tax benefits
$
139.9

 
$
133.0