	2018		2017		2016
Domestic	$	671.8	$	683.2	$	665.0
Foreign		47.7		9.5		40.9
Total	$	719.5	$	692.7	$	705.9

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

	2018		2017			2016
Current:
U.S. federal	$	103.4	$	146.7		$	183.4
State		23.4		29.0			27.2
Foreign		13.0		11.2			11.4
		139.8		186.9			222.0
Deferred:
U.S. federal		5.4		(235.0	)		19.2
State		4.6		3.8			4.1
Foreign		1.1		(6.4	)		1.6
		11.1		(237.6	)		24.9
Total provision	$	150.9	$	(50.7	)	$	246.9

	2018			2017
Deferred tax assets:
Accounts receivable	$	3.4		$	3.7
Deferred compensation		44.8			45.5
Pension, postretirement and postemployment benefits		5.8			7.5
Other		22.1			23.4
Tax credit carryforwards/other tax attributes		10.7			3.9
International operating loss carryforwards		10.8			11.6
Total gross deferred tax assets		97.6			95.6
Valuation allowances		(24.5	)		(23.5	)
Total deferred tax assets		73.1			72.1
Deferred tax liabilities:
Goodwill		(165.6	)		(153.6	)
Trade names and other intangibles		(420.1	)		(411.8	)
Property, plant and equipment		(62.1	)		(65.8	)
Total deferred tax liabilities		(647.8	)		(631.2	)
Net deferred tax liability	$	(574.7	)	$	(559.1	)
Long term net deferred tax asset		1.7			2.1
Long term net deferred tax liability		(576.4	)		(561.2	)
Net deferred tax liability	$	(574.7	)	$	(559.1	)

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

	2018			2017			2016
Statutory rate		21	%		35	%		35	%
Tax that would result from use of the federal statutory rate	$	151.1		$	242.4		$	247.1
State and local income tax, net of federal effect		22.1			21.4			20.3
Varying tax rates of foreign affiliates		3.3			(0.1	)		(4.1	)
Benefit from domestic manufacturing deduction		0.0			(15.2	)		(14.2	)
Valuation Allowances		1.0			(6.2	)		2.9
Stock Options Exercised		(22.1	)		(15.1	)		0.0
US Tax Reform		0.0			(272.9	)		0.0
Other		(4.5	)		(5.0	)		(5.1	)
Recorded tax expense	$	150.9		$	(50.7	)	$	246.9
Effective tax rate		21.0	%		-7.3	%		35.0	%

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly changed the U.S. corporate income tax regime by, among other things, lowering U.S. corporate income tax rates to 21%. However, the Tax Act eliminated the domestic manufacturing deduction and moves toward a territorial system, which also eliminated the ability to credit certain foreign taxes that existed prior to enactment of the Tax Act. As part of the transition to the new territorial tax system, the Tax Act imposed a one-time repatriation tax on a deemed repatriation of historical earnings of foreign subsidiaries. In the year ended December 31, 2018, the Company repatriated approximately $150.0 of its non-U.S. earnings and paid the associated withholding tax. In addition, the reduction of the U.S. corporate tax rate caused the Company to adjust its U.S. deferred tax assets and liabilities to the lower federal base rate of 21%. These provisional impacts resulted in a reduction of tax expense of approximately $273.0 for the quarter and year ended December 31, 2017. This was primarily due to the adjustment to the U.S. deferred tax assets and liabilities.

The changes included in the Tax Act are broad and complex. The Commission has issued guidance that allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the provisional tax impact originally recorded in the quarter and year ended December 31, 2017. This measurement period expired in the fourth quarter of 2018, and there were no adjustments to the provisional tax impact of approximately $273.0 recorded in the quarter and year ended December 31, 2017.

At December 31, 2018, certain foreign subsidiaries of the Company had net operating loss carryforwards of approximately $34.0. Approximately $0.6 of such net operating loss carryforwards expire on various dates through December 31, 2023. The remaining net operating loss carryforwards are not subject to expiration.

The Company believes that it is more likely than not that the benefit from most of these net operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $10.3 and $11.2 at December 31, 2018 and 2017, respectively, on the deferred tax asset relating to these net operating loss carryforwards.

The Company also believes that it is more likely than not that the benefit from certain additional deferred tax assets of a foreign subsidiary will not be realized. In recognition of this risk, the Company maintains a valuation allowance of $1.9 and $2.4 at December 31, 2018 and 2017, respectively, on these deferred tax assets.

Due to changes in the ability to credit certain foreign taxes resulting from the Tax Act, the Company determined that it is more likely than not that the benefit from certain foreign tax credit carryforwards will not be realized. In recognition of this risk, the Company established a valuation allowance of $9.9 at December 31, 2017 and maintained a valuation allowance of $12.3 at December 31, 2018 on the deferred tax asset relating to these foreign tax credit carryforwards.

In 2015, the Company reported an impairment charge relating to its investment in Natronx. At the time, the Company believed that it was more likely than not that a tax benefit relating to the impairment would not be realized. In recognition of this risk, the Company established a valuation allowance of $7.7 in 2015. The Company has since determined that it was more likely than not that the tax benefit relating to the impairment would be realized and reversed the valuation allowance in 2017.

The Tax Act imposed a one-time repatriation tax on deemed repatriation of historical earnings of foreign subsidiaries in 2017, and moved toward a territorial tax system. As a result, the Company will no longer have undistributed earnings of foreign subsidiaries that are considered to be permanently reinvested outside of the U.S.

The Company has recorded liabilities in connection with uncertain tax positions, which, although supportable by the Company, may be challenged by tax authorities. Under applicable accounting guidance, these tax positions do not meet the minimum threshold required for the related tax benefit to be recognized in the income statement. The Company had no uncertain tax positions or unrecognized tax benefits at December 31, 2017 and 2016.

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

	2018			2017		2016
Unrecognized tax benefits at January 1	$	0.0		$	0.0	$	0.0
Gross increases - tax positions in prior period		5.1			0.0		0.0
Gross decreases - tax positions in prior period		0.0			0.0		0.0
Settlements		0.0			0.0		0.0
Lapse of statute of limitations		(0.4	)		0.0		0.0
Unrecognized tax benefits at December 31	$	4.7		$	0.0	$	0.0

Included in the balance of unrecognized tax benefits at December 31, 2018 is $3.9 of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2018 is $0.8 of tax benefits that, if recognized, would result in adjustments to deferred taxes.

The Company is subject to U.S. federal income tax as well as income tax in multiple state and international jurisdictions. The IRS has completed its audit of tax years through 2014. The Company is currently under audit by several state and international taxing authorities for the years 2013 through 2016. In addition, certain statutes of limitations are scheduled to expire in the near future. It is reasonably possible that a decrease of approximately $0.4 in the unrecognized tax benefits may occur within the next twelve months related to the settlement of these audits or the lapse of applicable statutes of limitations.

The Company’s policy for recording interest associated with income tax examinations is to record interest as a component of Income before Income Taxes. During the twelve months ended December 31, 2018, the Company recognized approximately $0.2 in interest expense associated with uncertain tax positions. As of December 31, 2018, the Company had $0.3 in accrued interest expense related to unrecognized tax benefits.