Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income (loss) before income taxes and noncontrolling interest

from continuing operations before income taxes consisted of the following:

	Years ended December 31
In millions	2016			2015			2014
Federal (1)	$	(25.6	)	$	(21.8	)	$	(15.8	)
International (2)	586.6			534.3			486.7
Income from continuing operations before income taxes	$	561.0		$	512.5		$	470.9

(1) "Federal" reflects U.K. income from continuing operations before income taxes

Provision for Income Taxes

The provision for income taxes consisted of the following:

	Years ended December 31
In millions	2016			2015			2014
Currently payable
Federal (1)	$	(0.1	)	$	—		$	0.5
International (2)	125.6			117.7			136.8
Total current taxes	125.5			117.7			137.3
Deferred
Federal (1)	(0.4		)	1.2			(0.7		)
International (2)	(15.7		)	(3.5		)	(22.3		)
Total deferred taxes	(16.1		)	(2.3		)	(23.0		)
Total provision for income taxes	$	109.4		$	115.4		$	114.3

(1) "Federal" represents U.K. taxes.

(2) "International" represents non-U.K. taxes.

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:

	Years ended December 31
Percentages	2016		2015		2014
Federal statutory income tax rate (1)	20.0		20.3		21.0
Tax effect of international operations (2)	(11.8	)	(6.5	)	(4.9	)
Change in valuation allowances	9.7		6.9		4.4
Withholding taxes	0.9		0.6		2.8
Interest limitations	0.6		0.7		1.0
Non-deductible transaction costs	0.1		0.5		—
Effective tax rate	19.5		22.5		24.3

(1) The statutory rate for 2016, 2015 and 2014 reflects the U.K. statutory rate of 20.0 percent, 20.3 percent and 21.0 percent, respectively.

(2) The tax effect of international operations consists of non-U.K. jurisdictions.

Reconciliations of Gross Unrecognized Tax Benefits

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:

	Years ended December 31
In millions	2016			2015			2014
Beginning balance	$	45.6		$	40.3		$	39.5
Gross increases for tax positions in prior periods	27.4			4.7			0.8
Gross decreases for tax positions in prior periods	(4.8		)	(1.5		)	(0.2		)
Gross increases based on tax positions related to the current year	2.0			1.3			1.1
Gross decreases related to settlements with taxing authorities	(3.4		)	(1.9		)	(0.1		)
Reductions due to statute expiration	(0.8		)	(1.4		)	(1.1		)
Gross (decreases) increases due to currency fluctuations	(0.2		)	(2.5		)	0.3
Gross increases due to acquisitions	5.3			6.6			—
Ending balance	$	71.1		$	45.6		$	40.3

Deferred Taxes

Deferred taxes were recorded in the Consolidated Balance Sheets as follows:

	December 31
In millions	2016		2015
Other current assets	$	—	$	34.4
Other non-current assets	39.0		2.2
Deferred tax liabilities	609.5		670.2
Net deferred tax liabilities	$	570.5	$	633.6

Tax Effects of Major Items Recorded as Deferred Tax Assets and Liabilities

The tax effects of the major items recorded as deferred tax assets and liabilities were as follows:

	December 31
In millions	2016		2015
Deferred tax assets
Accrued liabilities and reserves	$	83.2	$	70.2
Pension and other post-retirement benefits	48.9		44.5
Employee compensation and benefits	76.6		78.3
Tax loss and credit carryforwards	391.0		293.8
Total deferred tax assets	599.7		486.8
Valuation allowance	380.8		286.5
Deferred tax assets, net of valuation allowance	218.9		200.3
Deferred tax liabilities
Property, plant and equipment	23.6		23.9
Goodwill and other intangibles	733.7		774.2
Other liabilities	32.1		35.8
Total deferred tax liabilities	789.4		833.9
Net deferred tax liabilities	$	570.5	$	633.6