Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule Of Selected Data with Respect to the Company's Income Tax Provision

The following table sets forth selected data with respect to the Company’s income tax provisions for the years ended December 31, (in millions):

	2014		2013			2012
Income before income taxes:
United States	$	385.6	$	360.8		$	330.2
International	99.9		113.0			111.6
TOTAL INCOME BEFORE INCOME TAXES	$	485.5	$	473.8		$	441.8
Provision for income taxes — current:
Federal	$	90.1	$	94.6		$	66.4
State	15.4		15.1			12.8
International	22.5		21.0			33.0
Total provision-current	128.0		130.7			112.2
Provision for income taxes — deferred:
Federal	24.4		14.4			25.6
State	2.7		0.1			1.8
International	3.2		(1.2		)	0.1
Total provision — deferred	30.3		13.3			27.5
TOTAL PROVISION FOR INCOME TAXES	$	158.3	$	144.0		$	139.7

Schedule Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities result from differences in the basis of assets and liabilities for tax and financial statement purposes. The components of the deferred tax assets/(liabilities) at December 31, were as follows (in millions):

	2014			2013
Deferred tax assets:
Inventory	$	4.6		$	4.7
Income tax credits	30.6			31.3
Accrued liabilities	23.3			19.0
Pension	43.6			23.4
Post retirement and post employment benefits	11.3			11.0
Stock-based compensation	11.4			10.1
Net operating loss carryforwards	46.3			53.1
Miscellaneous other	7.5			3.4
Gross deferred tax assets	178.6			156.0
Valuation allowance	(34.3		)	(28.5		)
Total deferred tax assets, net of valuation allowance	144.3			127.5
Deferred tax liabilities:
Acquisition basis difference	(145.8		)	(123.3		)
Property, plant, and equipment	(41.9		)	(40.4		)
Total deferred tax liabilities	(187.7		)	(163.7		)
TOTAL NET DEFERRED TAX LIABILITY	$	(43.4	)	$	(36.2	)
Deferred taxes are reflected in the Consolidated Balance Sheet as follows:
Current tax assets (included in Deferred taxes and other)	$	31.2		$	31.0
Non-current tax assets (included in Other long-term assets)	1.1			1.0
Current tax liabilities (included in Other accrued liabilities)	(1.2		)	(1.5		)
Non-current tax liabilities (included in Other Non-current liabilities)	(74.5		)	(66.7		)
TOTAL NET DEFERRED TAX LIABILITY	$	(43.4	)	$	(36.2	)

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

	2014			2013			2012
Unrecognized tax benefits at beginning of year	$	14.8		$	13.5		$	27.6
Additions based on tax positions relating to the current year	2.9			2.2			1.8
Reductions based on expiration of statute of limitations	(1.2		)	(1.5		)	(9.6		)
Additions to tax positions relating to previous years	9.5			2.1			0.8
Settlements	(4.4		)	(1.5		)	(7.1		)
TOTAL UNRECOGNIZED TAX BENEFITS	$	21.6		$	14.8		$	13.5

Schedule Of Effective Income Tax Rate Reconciliation

The consolidated effective income tax rate varied from the United States federal statutory income tax rate for the years ended December 31, as follows:

	2014		2013		2012
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	2.0		2.1		1.8
Foreign income taxes	(2.1	)	(3.6	)	(3.4	)
Other, net	(2.3	)	(3.1	)	(1.8	)
CONSOLIDATED EFFECTIVE INCOME TAX RATE	32.6	%	30.4	%	31.6	%