Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components Of Earnings From Continuing Operations Before Income Taxes

The components of earnings from continuing operations before income taxes are as follows:



	Year Ended December 31
	2015		2014		2013
Domestic	$	254.2	$	142.1	$	111.2
Foreign	195.6		153.4		126.4
	$	449.8	$	295.5	$	237.6

Income Tax Expense From Continuing Operations

Income tax expense from continuing operations is comprised of the following components:



	Year Ended December 31
	2015		2014			2013
Current
Federal	$	63.1	$	38.4		$	59.8
State and local	7.6		3.3			5.9
Foreign	40.0		29.8			24.2
	110.7		71.5			89.9
Deferred
Federal	9.6		(6.1		)	(26.4		)
State and local	.1		2.1			(1.8		)
Foreign	1.4		2.8			(10.4		)
	11.1		(1.2		)	(38.6		)
	$	121.8	$	70.3		$	51.3

Schedule Of Income Tax Expense From Continuing Operations Percentage

Income tax expense from continuing operations, as a percentage of earnings before income taxes, differs from the statutory federal income tax rate as follows:



	Year Ended December 31
	2015		2014		2013
Statutory federal income tax rate	35.0	%	35.0	%	35.0	%
Increases (decreases) in rate resulting from:
State taxes, net of federal benefit	1.6		1.0		1.4
Tax effect of foreign operations	(5.8	)	(7.5	)	(8.6	)
Deferred tax on undistributed foreign earnings	(1.0	)	.4		(.5	)
Change in valuation allowance	—		.2		(1.4	)
Change in uncertain tax positions, net	(.5	)	(.6	)	(1.1	)
Domestic Production Activities Deduction	(1.2	)	(3.4	)	(2.0	)
Other permanent differences, net	(1.0	)	(.7	)	(.6	)
Other, net	—		(.6	)	(.6	)
Effective tax rate	27.1	%	23.8	%	21.6	%

Reconciliation Of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of our gross unrecognized tax benefits for the periods presented is as follows:



	2015			2014			2013
Gross unrecognized tax benefits, January 1	$	19.8		$	24.4		$	26.6
Gross increases—tax positions in prior periods	.3			.1			4.5
Gross decreases—tax positions in prior periods	(.5		)	(2.4		)	(1.5		)
Gross increases—current period tax positions	1.3			1.3			1.0
Change due to exchange rate fluctuations	(1.3		)	(1.0		)	(.4		)
Settlements	(1.5		)	(.6		)	(2.8		)
Lapse of statute of limitations	(2.6		)	(2.0		)	(3.0		)
Gross unrecognized tax benefits, December 31	15.5			19.8			24.4
Interest	6.0			7.6			7.6
Penalties	.6			.8			.9
Total gross unrecognized tax benefits, December 31	$	22.1		$	28.2		$	32.9

Deferred Tax Assets Or Liabilities

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of our assets and liabilities. The major temporary differences and their associated deferred tax assets or liabilities are as follows:



	December 31
	2015						2014
	Assets			Liabilities			Assets			Liabilities
Property, plant and equipment	$	6.9		$	(54.3	)	$	13.6		$	(56.6	)
Inventories	2.8			(26.5		)	2.2			(14.1		)
Accrued expenses	96.8			—			120.9			—
Net operating losses and other tax carryforwards	57.2			—			58.7			—
Pension cost and other post-retirement benefits	33.6			(.9		)	33.6			(.8		)
Subsidiary stock basis	2.0			—			—			—
Intangible assets	1.2			(107.3		)	1.9			(102.1		)
Derivative financial instruments	14.0			(1.7		)	12.8			(1.9		)
Tax on undistributed earnings	—			(6.9		)	—			(11.2		)
Uncertain tax positions	7.1			—			9.3			—
Other	5.0			(7.7		)	5.5			(9.0		)
Gross deferred tax assets (liabilities)	226.6			(205.3		)	258.5			(195.7		)
Valuation allowance	(26.6		)	—			(27.1		)	—
Total deferred taxes	$	200.0		$	(205.3	)	$	231.4		$	(195.7	)
Net deferred tax (liability) asset				$	(5.3	)				$	35.7

Deferred Tax Assets And (Liabilities) Included In Consolidated Balance Sheets

Deferred tax assets (liabilities) included in the consolidated balance sheets are as follows:



	December 31
	2015			2014
Other current assets	$	—		$	42.3
Sundry	33.3			36.5
Other current liabilities	—			(1.3		)
Deferred income taxes	(38.6		)	(41.8		)
	$	(5.3	)	$	35.7