Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Component of Income Taxes Expenses

	Years ended December 31,
	2012			2013			2014
	(In millions)
Pre-tax income (loss) from continuing operations:
United States	$	89.0		$	(70.4	)	$	40.1
Non-U.S. subsidiaries		212.4			(147.5	)		71.9
Total	$	301.4		$	(217.9	)	$	112.0
Expected tax expense (benefit) at U.S. federal statutory income tax  rate of 35%	$	105.4		$	(76.3	)	$	39.2
Non-U.S. tax rates		(11.9	)		4.3			(4.1	)
Incremental tax (benefit) on earnings of non-U.S. and non-tax group companies		1.0			(18.5	)		(2.2	)
U.S. state income taxes, net		1.3			(3.4	)		4.1
Adjustment to the reserve for uncertain tax positions, net		4.2			2.1			(3.7	)
Nondeductible expenses		4.3			2.9			2.8
Tax rate changes		1.9			(.2	)		—
French dividend surtax		.3			—			—
Tax credits		(2.3	)		.1			(.9	)
Other, net		.6			(2.0	)		(2.7	)
Provision for income taxes (benefit)	$	104.8		$	(91.0	)	$	32.5
Components of income tax expense (benefit):
Currently payable (refundable):
U.S. federal and state	$	.9		$	9.1		$	7.4
Non-U.S.		42.6			(1.2	)		15.2
Total		43.5			7.9			22.6
Deferred income taxes (benefit):
U.S. federal and state		34.5			(57.9	)		3.8
Non-U.S.		26.8			(41.0	)		6.1
Total		61.3			(98.9	)		9.9
Provision for income taxes (benefit)	$	104.8		$	(91.0	)	$	32.5
Comprehensive provision for income taxes (benefit) allocable to:
Income (loss) from continuing operations	$	104.8		$	(91.0	)	$	32.5
Income from discontinued operations		5.4			—			—
Other comprehensive income (loss):
Marketable securities		(11.6	)		5.1			(11.3	)
Currency translation		4.9			5.5			(16.9	)
Pension plans		(18.3	)		14.1			(33.2	)
OPEB plans		(.7	)		1.0			(1.2	)
Total	$	84.5		$	(65.3	)	$	(30.1	)

Components of Net Deferred Tax Liability

The components of the net deferred tax liability at December 31, 2013 and 2014 are summarized below.

	December 31,
	2013						2014
	Assets			Liabilities			Assets			Liabilities
	(In millions)
Tax effect of temporary differences related to:
Inventories	$	4.4		$	(2.6	)	$	5.4		$	(5.2	)
Marketable securities		—			(145.8	)		—			(126.4	)
Property and equipment		—			(115.8	)		—			(109.2	)
Accrued OPEB costs		4.6			—			4.8			—
Accrued pension costs		21.8			—			52.0			—
Accrued environmental liabilities		40.1			—			38.8			—
Other deductible differences		58.8			—			40.3			—
Other taxable differences		—			(35.1	)		—			(21.6	)
Investments in subsidiaries and affiliates		—			(280.6	)		—			(278.7	)
Tax on unremitted earnings of non-U.S. subsidiaries		—			(2.6	)		—			(2.6	)
Tax loss and tax credit carryforwards		191.8			—			163.6			—
Valuation allowance		(.1	)		—			(.1	)		—
Adjusted gross deferred tax assets (liabilities)		321.4			(582.5	)		304.8			(543.7	)
Netting of items by tax jurisdiction		(149.2	)		149.2			(127.0	)		127.0
		172.2			(433.3	)		177.8			(416.7	)
Less net current deferred tax asset (liability)		23.0			(2.2	)		13.4			(3.9	)
Net noncurrent deferred tax asset (liability)	$	149.2		$	(431.1	)	$	164.4		$	(412.8	)

Changes in Uncertain Tax Positions

The following table shows the changes in the amount of our uncertain tax positions (exclusive of the effect of interest and penalties) during 2012, 2013 and 2014:

	Years ended December 31,
	2012			2013			2014
	(In millions)
Unrecognized tax benefits:
Amount beginning of year	$	23.0		$	33.4		$	47.9
Net increase (decrease):
Tax positions taken in prior periods		1.1			.5			(19.6	)
Tax positions taken in current period		11.0			11.3			3.6
Settlements with taxing authorities—cash paid		(.1	)		—			—
Lapse due to applicable statute of limitations		(1.8	)		3.4			(.7	)
Acquisition of BMI and LandWell		—			.1			—
Changes in currency exchange rates		.2			(.8	)		(1.1	)
Amount at end of year	$	33.4		$	47.9		$	30.1