Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

Income tax provision consisted of the following components:

	Year Ended December 31,
(In millions)	2014			2013			2012
Federal:
Current	$	218.1		$	89.5		$	167.2
Deferred	(147.5		)	(41.1		)	(30.1		)
	70.6			48.4			137.1
State:
Current	33.8			18.0			27.8
Deferred	(1.6		)	(1.9		)	(8.1		)
	32.2			16.1			19.7
Foreign:
Current	104.6			100.4			75.4
Deferred	(166.0		)	(44.1		)	(71.0		)
	(61.4		)	56.3			4.4
Income tax provision	$	41.4		$	120.8		$	161.2
Earnings before income taxes and noncontrolling interest:
Domestic	$	679.2		$	513.8		$	690.7
Foreign	295.3			233.5			113.5
Total earnings before income taxes and noncontrolling interest	$	974.5		$	747.3		$	804.2

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards that result in deferred tax assets and liabilities were as follows:

(In millions)	December 31, 2014			December 31, 2013
Deferred tax assets:
Employee benefits	$	162.1		$	144.3
Accounts receivable allowances	239.4			137.2
Tax credit and loss carryforwards	386.5			356.9
Intangible assets and goodwill	184.9			44.8
Convertible debt	62.4			51.5
Other	97.1			129.3
	1,132.4			864.0
Less: Valuation allowance	(304.5		)	(279.5		)
Total deferred tax assets	827.9			584.5
Deferred tax liabilities:
Plant and equipment	156.1			137.0
Intangible assets	447.5			502.2
Financial instruments	—			89.1
Other	30.8			45.1
Total deferred tax liabilities	634.4			773.4
Deferred tax assets (liabilities), net	$	193.5		$	(188.9	)

Statutory Tax Rate to Effective Tax Rate Reconciliation

A reconciliation of the statutory tax rate to the effective tax rate is as follows:

	Year Ended December 31,
	2014		2013		2012
Statutory tax rate	35.0	%	35.0	%	35.0	%
State income taxes and credits	2.2	%	1.0	%	1.1	%
Foreign rate differential	(11.9	)%	(13.0	)%	(7.5	)%
Other foreign items	4.0	%	1.2	%	(2.0	)%
Uncertain tax positions	2.3	%	(0.6	)%	(3.4	)%
Foreign tax credits, net	(0.6	)%	(2.6	)%	(3.2	)%
Valuation allowance	1.5	%	4.7	%	2.9	%
Clean energy and research credits (1)	(9.6	)%	(5.7	)%	(2.5	)%
Merger of foreign subsidiaries	(15.2	)%	—	%	—	%
Other	(3.5	)%	(3.8	)%	(0.4	)%
Effective tax rate	4.2	%	16.2	%	20.0	%

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⁽¹⁾ Includes income tax credits under Section 45 of the Code earned from the Company’s clean energy investments.

Schedule of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
(In millions)	2014			2013			2012
Unrecognized tax benefit — beginning of year	$	174.7		$	132.4		$	162.9
Additions for current year tax positions	21.9			4.1			5.7
Additions for prior year tax positions	6.3			5.3			—
Reductions for prior year tax positions	(5.1		)	—			(5.8		)
Settlements	(1.5		)	(0.4		)	(0.8		)
Reductions due to expirations of statute of limitations	(5.1		)	(11.8		)	(29.6		)
Addition due to acquisition	—			45.1			—
Unrecognized tax benefit — end of year	$	191.2		$	174.7		$	132.4