Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016			2015			2014
Earnings (losses) before income taxes:
United States	$	351.3		$	345.6		$	288.1
Foreign, principally Australia, Canada, New Zealand and the U.K.		5.6			(52.1	)		3.4
Total earnings before income taxes	$	356.9		$	293.5		$	291.5
Provision (benefit) for income taxes:
Federal:
Current	$	45.9		$	43.9		$	38.8
Deferred		(146.7	)		(139.4	)		(96.6	)
		(100.8	)		(95.5	)		(57.8	)
State and local:
Current		8.4			18.9			19.5
Deferred		(0.3	)		(3.3	)		(1.1	)
		8.1			15.6			18.4
Foreign:
Current		22.4			22.9			30.5
Deferred		(17.8	)		(38.6	)		(27.1	)
		4.6			(15.7	)		3.4
Total benefit for income taxes	$	(88.1	)	$	(95.6	)	$	(36.0	)

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,
	2016						2015						2014
	Amount			% of Pretax Earnings			Amount			% of Pretax Earnings			Amount			% of Pretax Earnings
Federal statutory rate	$	124.9			35.0		$	102.7			35.0		$	102.0			35.0
State income taxes - net of Federal benefit		5.3			1.5			10.2			3.5			12.0			4.1
Differences related to non U.S. operations		(34.1	)		(9.6	)		(22.6	)		(7.7	)		(11.2	)		(3.8	)
Alternative energy, foreign and other tax credits		(194.4	)		(54.5	)		(181.3	)		(61.8	)		(145.5	)		(49.9	)
Other permanent differences		(4.8	)		(1.3	)		(4.9	)		(1.7	)		(2.5	)		(0.9	)
Nondeductible employee compensation		—			—			—			—			5.4			1.9
Changes in unrecognized tax benefits		2.2			0.6			3.0			1.0			2.4			0.8
Change in valuation allowance		14.0			3.9			1.7			0.6			—			—
Change in U.K. tax rate		(1.5	)		(0.4	)		(4.2	)		(1.4	)		—			—
Other		0.3			0.1			(0.2	)		(0.1	)		1.4			0.5
Benefit for income taxes	$	(88.1	)		(24.7	)	$	(95.6	)		(32.6	)	$	(36.0	)		(12.3	)

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,
	2016			2015
Gross unrecognized tax benefits at January 1	$	15.7		$	12.5
Increases in tax positions for current year		2.4			2.9
Settlements		(1.4	)		—
Lapse in statute of limitations		(1.8	)		(1.3	)
Increases in tax positions for prior years		1.8			2.1
Decreases in tax positions for prior years		(2.2	)		(0.5	)
Gross unrecognized tax benefits at December 31	$	14.5		$	15.7

Deferred Tax Assets and Liabilities

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

	December 31,
	2016			2015
Deferred tax assets:
Alternative minimum tax and other credit carryforwards	$	477.9		$	341.6
Accrued and unfunded compensation and employee benefits		219.0			197.0
Amortizable intangible assets		38.8			39.4
Compensation expense related to stock options		16.9			12.6
Accrued liabilities		31.7			34.3
Accrued pension liability		22.9			23.4
Investments		7.7			9.5
Net operating loss carryforwards		20.4			19.2
Capital loss carryforwards		16.0			2.9
Deferred rent liability		8.1			8.7
Other		3.9			7.7
Total deferred tax assets		863.3			696.3
Valuation allowance for deferred tax assets		(66.8	)		(52.8	)
Deferred tax assets		796.5			643.5
Deferred tax liabilities:
Nondeductible amortizable intangible assets		310.2			307.1
Investment-related partnerships		34.5			28.7
Depreciable fixed assets		18.2			11.7
Hedging instruments		4.1			—
Other prepaid items		4.1			4.6
Total deferred tax liabilities		371.1			352.1
Net deferred tax assets	$	425.4		$	291.4