Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes and Provision for Income Taxes

Significant components of earnings before income taxes and the provision for income taxes are as follows (in millions):

	Year Ended December 31,
	2014			2013			2012
Earnings before income taxes:
Domestic	$	264.9		$	230.8		$	234.7
Foreign, principally Australia, Canada, New Zealand and the U.K.		2.5			43.7			10.6
	$	267.4		$	274.5		$	245.3
Provision (benefit) for income taxes:
Federal:
Current	$	38.8		$	29.0		$	45.4
Deferred		(96.6	)		(47.7	)		(14.6	)
		(57.8	)		(18.7	)		30.8
State and local:
Current		19.5			10.6			17.3
Deferred		(1.1	)		(0.6	)		(2.9	)
		18.4			10.0			14.4
Foreign:
Current		30.5			28.5			8.7
Deferred		(27.1	)		(13.9	)		(3.6	)
		3.4			14.6			5.1
Total provision (benefit) for income taxes	$	(36.0	)	$	5.9		$	50.3

Reconciliation of Provision for Income Taxes with Federal Statutory Income Tax Rate

A reconciliation of the provision for income taxes with the U.S. Federal statutory income tax rate is as follows (in millions, except percentages):

	Year Ended December 31,
	2014						2013						2012
	Amount			% of Pretax Earnings			Amount			% of Pretax Earnings			Amount			% of Pretax Earnings
Federal statutory rate	$	93.6			35.0		$	96.1			35.0		$	85.9			35.0
State income taxes - net of Federal benefit		12.0			4.5			6.5			2.4			9.4			3.8
Foreign taxes		0.8			0.3			(0.8	)		(0.3	)		0.9			0.4
Alternative energy, foreign and other tax credits		(145.5	)		(54.4	)		(93.8	)		(34.2	)		(45.3	)		(18.5	)
Foreign dividends and other permanent differences		(6.1	)		(2.3	)		(2.5	)		(0.9	)		(2.7	)		(1.1	)
Nondeductible employee compensation		5.4			2.0			—			—			—			—
Changes in unrecognized tax benefits		2.4			0.9			1.5			0.5			0.6			0.2
Change in valuation allowance		—			—			0.5			0.2			0.3			0.1
Other		1.4			0.5			(1.6	)		(0.6	)		1.2			0.6
Provision (benefit) for income taxes	$	(36.0	)		(13.5	)	$	5.9			2.1		$	50.3			20.5

Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in millions):

	December 31,
	2014			2013
Gross unrecognized tax benefits at January 1	$	9.2		$	6.7
Increases in tax positions for current year		2.6			2.9
Settlements		—			—
Lapse in statute of limitations		(1.0	)		(1.4	)
Increases in tax positions for prior years		1.7			2.3
Decreases in tax positions for prior years		—			(1.3	)
Gross unrecognized tax benefits at December 31	$	12.5		$	9.2

Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in millions):

	December 31,
	2014			2013
Deferred tax assets:
Alternative minimum tax and other credit carryforwards	$	233.4		$	147.4
Accrued and unfunded compensation and employee benefits		166.9			136.6
Amortizable intangible assets		66.7			12.5
Compensation expense related to stock options		14.7			14.2
Accrued liabilities		31.0			30.2
Accrued pension liability		24.3			9.2
Investments		10.0			9.0
Net operating loss carryforwards		10.0			11.9
Deferred rent liability		8.5			8.2
Other		4.8			6.8
Total deferred tax assets		570.3			386.0
Valuation allowance for deferred tax assets		(75.5	)		(21.3	)
Deferred tax assets		494.8			364.7
Deferred tax liabilities:
Nondeductible amortizable intangible assets		338.7			184.0
Investment-related partnerships		26.6			13.2
Depreciable fixed assets		8.8			5.2
Other prepaid items		4.3			4.7
Accrued liabilities		—			2.4
Total deferred tax liabilities		378.4			209.5
Net deferred tax assets	$	116.4		$	155.2