Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Income Before Income Taxes

Income before income taxes for the three years ended December 31, 2015 was (in millions):

	2015		2014		2013
Domestic	$	803.3	$	739.9	$	629.4
International	975.3		1,070.1		1,031.5
	$	1,778.6	$	1,810.0	$	1,660.9

Income Tax Expense

Income tax expense (benefit) for the three years ended December 31, 2015 was (in millions):

	2015			2014			2013
Current:
Federal	$	342.3		$	356.1		$	246.3
State and local	29.9			38.1			30.6
International	324.5			344.8			336.5
	696.7			739.0			613.4
Deferred:
Federal	(86.7		)	(106.4		)	0.3
State and local	12.1			(2.3		)	(3.6		)
International	(38.5		)	(37.2		)	(44.9		)
	(113.1		)	(145.9		)	(48.2		)
	$	583.6		$	593.1		$	565.2

Reconciliation from the Statutory U.S. Federal Income Tax Rate to Effective Tax Rate

The reconciliation from the statutory U.S. federal income tax rate to our effective tax rate is:

	2015		2014		2013
Statutory U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal income tax benefit	1.5		1.3		1.0
International tax rate differentials	(3.7	)	(3.3	)	(3.0	)
Other	—		(0.2	)	1.0
Effective tax rate	32.8	%	32.8	%	34.0	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31, 2015 and 2014 were (in millions):

	2015			2014
Deferred tax assets:
Compensation and severance	$	293.8		$	311.9
Tax loss and credit carryforwards	113.3			95.6
Basis differences from acquisitions	37.1			38.0
Basis differences from short-term assets and liabilities	27.2			27.8
Other	26.9			33.0
Deferred tax assets	498.3			506.3
Valuation allowance	(35.3		)	(34.1		)
Net deferred tax assets	$	463.0		$	472.2
Deferred tax liabilities:
Goodwill and intangible assets	$	729.5		$	706.1
Financial instruments	197.3			263.1
Unremitted foreign earnings	9.9			51.1
Basis differences from investments	(4.6		)	(4.2		)
Deferred tax liabilities	$	932.1		$	1,016.1
Long-term deferred tax liabilities	$	469.1		$	543.9

Reconciliation of Unrecognized Tax Benefits

A reconciliation of our unrecognized tax benefits at December 31, 2015 and 2014 is (in millions):

	2015			2014
January 1	$	139.8		$	137.8
Additions:
Current year tax positions	5.8			6.0
Prior year tax positions	0.2			1.0
Reduction of prior year tax positions	(25.1		)	0.5
Settlements	(6.0		)	(0.8		)
Lapse of statute of limitations	—			(2.9		)
Foreign currency translation	(1.7		)	(1.8		)
December 31	$	113.0		$	139.8