Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

The components of income before taxes are as follows:

	2014		2013		2012
Domestic	$	574.1	$	544.5	$	481.8
Foreign		50.8		53.3		60.7
Total	$	624.9	$	597.8	$	542.5

Schedule Of U.S. Federal, State And Foreign Income Taxes

The following table summarizes the provision for U.S. federal, state and foreign income taxes:

	2014		2013			2012
Current:
U.S. federal	$	159.0	$	151.7		$	132.0
State		24.4		24.7			27.7
Foreign		14.9		15.9			19.8
		198.3		192.3			179.5
Deferred:
U.S. federal		11.5		12.6			11.4
State		1.1		(1.7	)		1.6
Foreign		0.1		0.2			0.2
		12.7		11.1			13.2
Total provision	$	211.0	$	203.4		$	192.7

Components Of Deferred Tax Assets And Liabilities

Deferred tax assets (liabilities) consist of the following at December 31:

	2014			2013
Deferred tax assets:
Accounts receivable	$	4.6		$	4.4
Deferred compensation		63.6			57.2
Pension, postretirement and postemployment benefits		9.9			9.7
Reserves		27.2			31.6
Tax credit carryforwards/other tax attributes		1.9			1.5
International operating loss carryforwards		8.0			8.1
Total gross deferred tax assets		115.2			112.5
Valuation allowances		(12.0	)		(13.0	)
Total deferred tax assets		103.2			99.5
Deferred tax liabilities:
Goodwill		(174.7	)		(159.7	)
Trade Names and other intangibles		(300.6	)		(292.2	)
Property, plant and equipment		(97.5	)		(106.2	)
Total deferred tax liabilities		(572.8	)		(558.1	)
Net deferred tax liability	$	(469.6	)	$	(458.6	)
Current net deferred tax asset	$	14.4		$	16.6
Long term net deferred tax asset		0.1			0.8
Long term net deferred tax liability		(484.1	)		(476.0	)
Net deferred tax liability	$	(469.6	)	$	(458.6	)

Effective Tax Rate Reconciliation

The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows:

	2014			2013			2012
Statutory rate		35	%		35	%		35	%
Tax that would result from use of the federal statutory rate	$	218.7		$	209.2		$	189.9
State and local income tax, net of federal effect		16.5			14.9			19.0
Varying tax rates of foreign affiliates		(3.6	)		(3.1	)		(1.8	)
Benefit from domestic manufacturing deduction		(14.3	)		(13.2	)		(11.6	)
Resolution of tax contingencies		(1.5	)		0.0			(3.2	)
Valuation Allowances		0.9			0.6			0.6
Other		(5.7	)		(5.0	)		(0.2	)
Recorded tax expense	$	211.0		$	203.4		$	192.7
Effective tax rate		33.8	%		34.0	%		35.5	%

Reconciliation Of Unrecognized Tax Benefits

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

	2014			2013			2012
Unrecognized tax benefits at January 1	$	5.9		$	9.1		$	13.1
Gross increases - tax positions in prior period		0.0			0.9			1.9
Gross decreases - tax positions in prior period		(1.5	)		0.0			(3.2	)
Settlements		0.0			(3.7	)		(2.6	)
Lapse of statute of limitations		(0.4	)		(0.4	)		(0.1	)
Unrecognized tax benefits at December 31	$	4.0		$	5.9		$	9.1

- 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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