Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Before Taxes

The components of income before taxes are as follows:

	2016		2015		2014
Domestic	$	665.0	$	595.6	$	574.1
Foreign		40.9		39.8		50.8
Total	$	705.9	$	635.4	$	624.9

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:

	2016		2015			2014
Current:
U.S. federal	$	183.4	$	161.4		$	159.0
State		27.2		25.5			24.4
Foreign		11.4		14.1			14.9
		222.0		201.0			198.3
Deferred:
U.S. federal		19.2		22.8			11.5
State		4.1		3.3			1.1
Foreign		1.6		(2.1	)		0.1
		24.9		24.0			12.7
Total provision	$	246.9	$	225.0		$	211.0

Components of Deferred Tax Assets and Liabilities

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

	2016			2015
Deferred tax assets:
Accounts receivable	$	4.8		$	4.6
Deferred compensation		69.7			67.9
Pension, postretirement and postemployment benefits		7.7			8.7
Investment in Natronx		7.7			7.7
Other		30.8			24.4
Tax credit carryforwards/other tax attributes		12.8			14.4
International operating loss carryforwards		8.0			6.2
Total gross deferred tax assets		141.5			133.9
Valuation allowances		(20.2	)		(16.3	)
Total deferred tax assets		121.3			117.6
Deferred tax liabilities:
Goodwill		(212.3	)		(193.5	)
Trade names and other intangibles		(322.9	)		(312.4	)
Property, plant and equipment		(97.1	)		(95.6	)
Total deferred tax liabilities		(632.3	)		(601.5	)
Net deferred tax liability	$	(511.0	)	$	(483.9	)
Long term net deferred tax asset		1.2			0.9
Long term net deferred tax liability		(512.2	)		(484.8	)
Net deferred tax liability	$	(511.0	)	$	(483.9	)

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:

	2016			2015			2014
Statutory rate		35	%		35	%		35	%
Tax that would result from use of the federal statutory rate	$	247.1		$	222.4		$	218.7
State and local income tax, net of federal effect		20.3			18.7			16.5
Varying tax rates of foreign affiliates		(4.1	)		(2.6	)		(3.6	)
Benefit from domestic manufacturing deduction		(14.2	)		(14.4	)		(14.3	)
Resolution of tax contingencies		0.0			0.0			(1.5	)
Valuation Allowances		2.9			8.5			0.9
Other		(5.1	)		(7.6	)		(5.7	)
Recorded tax expense	$	246.9		$	225.0		$	211.0
Effective tax rate		35.0	%		35.4	%		33.8	%

Reconciliation of Unrecognized Tax Benefits

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

	2016		2015			2014
Unrecognized tax benefits at January 1	$	0.0	$	4.0		$	5.9
Gross increases - tax positions in prior period		0.0		0.0			0.0
Gross decreases - tax positions in prior period		0.0		(3.7	)		(1.5	)
Settlements		0.0		0.0			0.0
Lapse of statute of limitations		0.0		(0.3	)		(0.4	)
Unrecognized tax benefits at December 31	$	0.0	$	0.0		$	4.0