Income tax (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

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

(in millions)	2018		2017			2016
U.S. income before income taxes	$	201.7	$	210.9		$	283.6
Non-U.S. income (loss) before income taxes	84.0		(158.2		)	67.3
Income before income taxes	$	285.7	$	52.7		$	350.9
Income tax expense consists of the following components:
Current tax expense:
U.S. federal	$	10.2	$	68.1		$	63.2
Foreign	22.3		16.2			20.1
State and local	2.0		5.6			5.2
Total current tax expense	34.5		89.9			88.5
Deferred tax expense (benefit):
U.S. federal	14.7		(73.2		)	26.7
Foreign	6.9		(58.5		)	(3.9		)
State and local	3.9		0.5			3.4
Total deferred tax expense (benefit)	25.5		(131.2		)	26.2
Total income tax expense (benefit)	$	60.0	$	(41.3	)	$	114.7

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)	2018			2017
Deferred Tax Assets:
Trade receivables, principally due to allowances for returns and doubtful accounts	$	2.8		$	2.9
Inventories, principally due to additional costs inventoried for tax purposes	14.0			17.7
Employee compensation and benefits accrued for financial reporting purposes	45.5			36.5
Foreign net operating losses	19.4			24.5
Foreign tax credits	15.1			34.1
Other	13.2			16.1
Total deferred tax assets	110.0			131.8
Less valuation allowance	(33.1		)	(48.5		)
Total deferred tax assets, after valuation allowance	$	76.9		$	83.3
(in millions)	2018			2017
Deferred Tax Liabilities:
Plant and equipment, principally due to differences in depreciation and capitalized interest	$	89.5		$	86.4
Goodwill and intangible assets, principally due to differences in amortization	$	103.8		$	98.9
Prepaid Expenses	13.1			—
Total deferred tax liabilities	206.4			185.3
Deferred tax liabilities, net	$	129.5		$	102.0

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)	2018		2017
Deferred charges and other assets	$	37.2	$	51.5
Deferred tax liabilities	166.7		153.5
Net deferred tax liabilities	$	129.5	$	102.0

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: 

	2018					2017					2016
(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	$	60.0		21.0	%	$	18.5		35.0	%	$	122.8		35.0	%
Increase (decrease) in taxes resulting from:
State and local income taxes net of federal income tax benefit	3.8			1.4		3.3			6.2		5.6			1.6
Foreign tax rate differential	5.8			2.0		(4.7		)	(8.9	)	(7.4		)	(2.1	)
Goodwill impairment	—			—		17.7			33.6		—			—
Valuation Allowance	5.2			1.8		—			—		—			—
Tax law change	(8.2		)	(2.9	)	(67.2		)	(127.5	)	—			—
Manufacturing tax benefits	—			—		(6.0		)	(11.3	)	(5.8		)	(1.7	)
Statute Closings	(7.5		)	(2.6	)	(3.7		)	(6.9	)	(1.0		)	(0.3	)
Share-based payments	0.4			0.1		(0.9		)	(1.7	)	—			—
Other	0.5			0.2		1.7			3.1		0.5			0.2
Actual income tax expense (benefit)	$	60.0		21.0	%	$	(41.3	)	(78.4	)%	$	114.7		32.7	%

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: 

	2018			2017
Balance at beginning of year	$	35.2		$	32.9
Additions based on tax positions related to the current year	3.1			3.9
Additions for tax positions of prior years	2.0			4.1
Reductions for tax positions of prior years	(3.0		)	(1.1		)
Reductions due to a lapse of the statute of limitations	(11.8		)	(4.5		)
Settlements	(0.4		)	(0.1		)
Balance at end of year	$	25.1		$	35.2