Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Earnings from Operations Before Income Taxes

Income taxes have been based on the following components of earnings from operations before income taxes for the years ended December 31, 2015, 2014 and 2013:

	2015		2014		2013
U.S.	$	230.6	$	8.5	$	66.7
Foreign		37.2		138.6		142.3
Total	$	267.8	$	147.1	$	209.0

Components of Income Tax Expense (Benefit) from Operations

The components of income tax expense (benefit) from operations for the years ended December 31, 2015, 2014 and 2013 were as follows:

	2015			2014			2013
Federal:
Current	$	112.7		$	50.1		$	(15.1	)
Deferred		(34.9	)		(64.3	)		(23.9	)
State:
Current		15.8			13.9			(4.8	)
Deferred		(7.5	)		(3.8	)		(2.6	)
Foreign:
Current		37.0			49.3			51.8
Deferred		6.3			(18.9	)		(14.6	)
Total	$	129.4		$	26.3		$	(9.2	)

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:

	2015			2014			2013
Federal statutory tax rate		35.0	%		35.0	%		35.0	%
Change in valuation allowances		6.0			0.9			3.1
Venezuelan devaluation and sale		4.9			1.3			—
State and local income taxes, net of U.S. federal income tax benefit		3.6			3.1			2.4
Impairment charges		2.3			4.3			—
Acquisition-related expenses		1.6			0.9			0.7
Foreign tax		0.8			1.7			4.0
Adjustment of uncertain tax positions and interest		0.5			(1.8	)		(6.2	)
Reorganization		—			(10.1	)		(32.8	)
Domestic manufacturing deduction		(3.8	)		(3.0	)		(0.1	)
Foreign tax rate differential		(6.9	)		(13.4	)		(11.3	)
Other		4.3			(1.0	)		0.8
Effective income tax rate		48.3	%		17.9	%		(4.4	%)

Significant Deferred Tax Assets and Liabilities

The significant deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:

	2015			2014
Deferred tax assets:
Pension and other postretirement benefits plan liabilities	$	293.7		$	349.1
Net operating losses and other tax carryforwards		293.4			341.6
Accrued liabilities		166.0			164.3
Foreign depreciation		36.7			38.7
Other		41.0			34.6
Total deferred tax assets		830.8			928.3
Valuation allowances		(233.5	)		(257.8	)
Net deferred tax assets	$	597.3		$	670.5
Deferred tax liabilities:
Accelerated depreciation	$	(203.4	)	$	(204.8	)
Other intangible assets		(163.4	)		(143.2	)
Inventories		(24.0	)		(24.4	)
Other		(35.8	)		(34.5	)
Total deferred tax liabilities		(426.6	)		(406.9	)
Net deferred tax assets	$	170.7		$	263.6

Transactions Affecting Valuation Allowance On Deferred Tax Assets

Transactions affecting the valuation allowances on deferred tax assets during the years ended December 31, 2015, 2014 and 2013 were as follows:

	2015			2014			2013
Balance, beginning of year	$	257.8		$	268.2		$	273.6
Current year expense-net		16.1			1.3			6.4
Write-offs		(20.3	)		(2.8	)		(8.3	)
Foreign exchange and other		(20.1	)		(8.9	)		(3.5	)
Balance, end of year	$	233.5		$	257.8		$	268.2

Unrecognized Tax Benefits

Changes in the Company’s unrecognized tax benefits at December 31, 2015, 2014 and 2013 were as follows:

	2015			2014			2013
Balance at beginning of year	$	58.5		$	33.8		$	47.9
Acquisitions		—			30.9			—
Additions for tax positions of the current year		1.8			1.9			2.1
Additions for tax positions of prior years		4.6			0.4			3.7
Reductions for tax positions of prior years		(5.3	)		(1.4	)		(16.2	)
Settlements during the year		(0.3	)		(2.9	)		(0.7	)
Lapses of applicable statutes of limitations		(3.0	)		(4.2	)		(3.0	)
Balance at end of year	$	56.3		$	58.5		$	33.8