Income Taxes (Tables)

12 Months Ended

Dec. 28, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Provision (Benefit)

Provision (benefit) for income taxes from continuing operations was as follows (in millions): 

	2014			2013			2012
Current
Federal	$	57.4		$	21.6		$	44.2
State	(1.1		)	3.5			4.8
Foreign	9.3			0.2			7.4
Total current	65.6			25.3			56.4
Deferred
Federal	(0.2		)	18.2			11.8
State	1.0			(2.3		)	4.4
Foreign	0.1			(1.7		)	(7.2		)
Total deferred	0.9			14.2			9.0
Provision for income taxes	$	66.5		$	39.5		$	65.4

Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:

	2014		2013		2012
U.S. federal statutory tax rate	35.0	%	35.0	%	35.0	%
State and local taxes, net of federal benefit	2.5		1.9		3.2
Research and development tax credits	(3.3	)	(4.5	)	(2.4	)
Investment tax credits	(1.9	)	(2.4	)	(3.4	)
Qualified production activity deduction	(2.0	)	(1.7	)	(1.9	)
Foreign rate differential	(3.7	)	(3.4	)	(2.6	)
Net accruals (reversals) for unrecognized tax benefits	(1.4	)	(5.4	)	0.7
Other	(1.6	)	(1.8	)	0.1
Effective income tax rate	23.6	%	17.7	%	28.7	%

Schedule of Deferred Tax Assets and Liabilities

The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):

	2014			2013
Deferred income tax assets:
Current:
Accrued liabilities	$	20.3		$	14.6
Inventory valuation	14.3			11.2
Accrued vacation	11.4			11.3
Deferred compensation and other benefits plans	0.9			1.0
Intangible amortization	0.6			0.7
Other	0.9			0.3
Valuation allowance	(2.9		)	(5.8		)
Long-term:
Postretirement benefits other than pensions	5.9			5.3
Accrued liabilities	12.5			13.0
Deferred compensation and other benefit plans	11.4			—
Tax credit and NOL carryforward amounts	53.5			64.5
Other	—			1.2
Valuation allowance	(20.3		)	(20.2		)
Total deferred income tax assets	108.5			97.1
Deferred income tax liabilities:
Current:
Other items	2.7			1.4
Long-term:
Property, plant and equipment differences	28.8			28.8
Deferred compensation and other benefit plans	—			48.2
Intangible amortization	111.5			98.8
Other	—			0.3
Total deferred income tax liabilities	143.0			177.5
Net deferred income tax liabilities	$	(34.5	)	$	(80.4	)

Rollforward of our Unrecognized Tax Benefits

The following presents a rollforward of our unrecognized tax benefits (in millions):

	2014			2013			2012
Beginning of year	$	35.4		$	42.6		$	25.8
Increase in prior year tax positions (a)	4.3			3.5			18.1
Increase for tax positions taken during the current period	0.9			0.9			1.5
Reduction related to settlements with taxing authorities	(2.8		)	(4.8		)	—
Reduction related to lapse of the statute of limitations	(4.8		)	(6.2		)	(2.9		)
Impact of exchange rate changes	(0.7		)	(0.6		)	0.1
End of year	$	32.3		$	35.4		$	42.6
a) Includes the impact of acquisitions in all years.