Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Earnings (Loss) from Operations Before Income Taxes

Income taxes have been based on the following components of earnings (loss) from operations before income taxes for the years ended December 31, 2014, 2013 and 2012:

	2014		2013		2012
U.S.	$	8.5	$	66.7	$	(710.1	)
Foreign		138.6		142.3		70.1
Total	$	147.1	$	209.0	$	(640.0	)

Components of Income Tax Expense (Benefit) from Operations

The components of income tax expense (benefit) from operations for the years ended December 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Federal:
Current	$	50.1		$	(15.1	)	$	8.6
Deferred		(64.3	)		(23.9	)		(55.5	)
State:
Current		13.9			(4.8	)		10.5
Deferred		(3.8	)		(2.6	)		(18.3	)
Foreign:
Current		49.3			51.8			46.5
Deferred		(18.9	)		(14.6	)		21.8
Total	$	26.3		$	(9.2	)	$	13.6

Reconciliation of Differences Between Federal Statutory and Effective Income Tax Rate

The following table outlines the reconciliation of differences between the Federal statutory tax rate and the Company’s effective income tax rate:

	2014			2013			2012
Federal statutory tax rate		35.0	%		35.0	%		35.0	%
Adjustment of uncertain tax positions and interest		(1.8	)		(6.2	)		3.7
Foreign tax rate differential		(13.4	)		(11.3	)		3.2
Domestic manufacturing deduction		(3.0	)		(0.1	)		0.5
Acquisition-related expenses		0.9			0.7			(0.1	)
Change in valuation allowances		0.9			3.1			(4.4	)
State and local income taxes, net of U.S. federal income tax      benefit		3.1			2.4			—
Impairment charges		4.3			—			(40.1	)
Reorganization		(10.1	)		(32.8	)		3.9
Foreign tax		1.7			4.0			(1.7	)
Other		0.3			0.8			(2.1	)
Effective income tax rate		17.9	%		(4.4	%)		(2.1	%)

Significant Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows:

	2014			2013
Deferred tax assets:
Pension and other postretirement benefits plan liabilities	$	349.1		$	167.4
Net operating losses and other tax carryforwards		341.6			328.3
Accrued liabilities		164.3			153.9
Foreign depreciation		38.7			51.3
Other		34.6			38.7
Total deferred tax assets		928.3			739.6
Valuation allowances		(257.8	)		(268.2	)
Net deferred tax assets	$	670.5		$	471.4
Deferred tax liabilities:
Accelerated depreciation	$	(204.8	)	$	(180.3	)
Other intangible assets		(143.2	)		(86.2	)
Inventories		(24.4	)		(26.9	)
Other		(34.5	)		(39.8	)
Total deferred tax liabilities		(406.9	)		(333.2	)
Net deferred tax assets	$	263.6		$	138.2

Transactions Affecting Valuation Allowance On Deferred Tax Assets

Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Balance, beginning of year	$	268.2		$	273.6		$	273.2
Current year expense - net		1.3			6.4			28.2
Write-offs		(2.8	)		(8.3	)		(37.9	)
Foreign exchange and other		(8.9	)		(3.5	)		10.1
Balance, end of year	$	257.8		$	268.2		$	273.6

Unrecognized Tax Benefits

Changes in the Company’s unrecognized tax benefits at December 31, 2014, 2013 and 2012 were as follows:

	2014			2013			2012
Balance at beginning of year	$	33.8		$	47.9		$	76.4
Acquisitions		30.9			—			—
Additions for tax positions of the current year		1.9			2.1			6.3
Additions for tax positions of prior years		0.4			3.7			3.9
Reductions for tax positions of prior years		(1.4	)		(16.2	)		(29.6	)
Settlements during the year		(2.9	)		(0.7	)		(5.6	)
Lapses of applicable statutes of limitations		(4.2	)		(3.0	)		(3.5	)
Balance at end of year	$	58.5		$	33.8		$	47.9