Income tax (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]



(in millions)	2013			2012			2011
U.S. income before income taxes	$	228.7		$	229.5		$	188.6
Non-U.S. income before income taxes	91.6			49.1			103.6
Income from before income taxes	$	320.3		$	278.6		$	292.2

Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	65.8		$	60.3		$	49.3
Foreign	33.4			30.5			31.2
State and local	6.5			5.3			0.9
Total current tax expense	105.7			96.1			81.4
Deferred tax expense (benefit):
U.S. federal	16.6			16.4			13.3
Foreign	(16.2		)	(10.2		)	5.1
State and local	1.6			2.5			5.1
Total deferred tax expense	2.0			8.7			23.5
Total income tax expense	$	107.7		$	104.8		$	104.9

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below.



(in millions)	2013			2012
Deferred Tax Assets:
Accounts receivable, principally due to allowances for returns and doubtful accounts	$	9.0		$	8.7
Inventories, principally due to additional costs inventoried for tax purposes	30.8			25.7
Employee compensation and benefits accrued for financial reporting purposes	51.6			127.8
Foreign net operating losses	26.8			25.0
Foreign tax credits	17.0			9.0
Other	16.8			8.6
Total deferred tax assets	152.0			204.8
Less valuation allowance	(42.1		)	(36.6		)
Total deferred tax assets, after valuation allowance	$	109.9		$	168.2

(in millions)	2013			2012
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation, capitalized interest, and capitalized overhead	$	124.4		$	138.6
Goodwill and intangible assets, principally due to differences in amortization	175.3			145.8
Total deferred tax liabilities	299.7			284.4

Deferred tax liabilities, net	$	189.8		$	116.2

Schedule of Classification of Deferred Tax Assets and Liabilities [Table Text Block]

The net deferred tax liabilities are reflected in the balance sheet as follows:



(in millions)	2013		2012
Deferred tax assets (included in prepaid expense and other current assets)	$	80.0	$	82.1
Deferred tax liabilities	269.8		198.3
Net deferred tax liabilities	$	189.8	$	116.2

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The Company’s effective tax rate differs from the federal statutory rate due to the following items:



	2013					2012					2011
(dollars in millions)	Amount			% of Income Before Tax		Amount			% of Income Before Tax		Amount			% of Income Before Tax
Computed “expected” tax expense on income before taxes at federal statutory rate	$	112.1		35.0	%	$	97.5		35.0	%	$	102.3		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	5.2			1.6		5.0			1.8		3.9			1.3
Foreign tax rate differential	(4.2		)	(1.3	)	3.1			1.1		(0.6		)	(0.2	)
Manufacturing tax benefits	(6.5		)	(2.0	)	(5.2		)	(1.9	)	(4.2		)	(1.4	)
Other	1.1			0.3		4.4			1.6		3.5			1.2
Actual income tax expense	$	107.7		33.6	%	$	104.8		37.6	%	$	104.9		35.9	%

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits, in millions, is as follows:



	2013			2012
Balance at beginning of year	$	25.6		$	25.6
Additions based on tax positions related to the current year	3.6			2.3
Additions for tax positions of prior years	5.1			3.4
Reductions for tax positions of prior years	(9.9		)	(0.4		)
Reductions due to a lapse of the statute of limitations	(2.9		)	(5.3		)
Settlements	(0.1		)	—
Balance at end of year	$	21.4		$	25.6

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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