Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of the provision for income taxes

The components of the provision for income taxes from continuing operations are as follows:



	Year Ended December 31,
	2015			2014			2013
	(in millions)
Current:
Federal	$	271.2		$	322.7		$	141.8
State	19.6			19.4			13.7
Foreign	18.6			18.5			3.1
Total current	309.4			360.6			158.6
Deferred:
Federal	117.4			(4.0		)	44.3
State	(0.3		)	1.2			2.3
Foreign	(0.5		)	(3.0		)	(0.8		)
Total deferred	116.6			(5.8		)	45.8
Provision	$	426.0		$	354.8		$	204.4

Reconciliation between the statutory U.S. Federal income tax rate and the Company's effective income tax rate

The following is a reconciliation between the statutory U.S. federal income tax rate and the Company’s effective income tax rate on income from continuing operations:



	Year Ended December 31,
	2015		2014		2013
Statutory rate	35.0	%	35.0	%	35.0	%
State taxes	1.2		1.4		2.1
Domestic production activities deduction	(1.4	)	(2.0	)	(1.4	)
Noncontrolling interest in partially-owned subsidiaries	(0.8	)	(1.1	)	(0.9	)
Changes in valuation allowances and reserves	—		0.1		(0.8	)
Other, net	—		(0.1	)	0.6
Effective rate	34.0	%	33.3	%	34.6	%

Components of deferred tax liabilities and assets

The components of deferred tax liabilities and assets are as follows:



	December 31,
	2015			2014
	(in millions)
Deferred tax liabilities:
Depreciation, depletion, and amortization	$	711.6		$	627.1
Partially-owned subsidiaries basis difference	144.0			101.9
Convertible debt	125.2			114.8
Total deferred tax liabilities	980.8			843.8
Deferred tax assets:
Workers compensation, pensions, and other benefits	73.7			68.6
Warranties and reserves	11.4			12.3
Equity items	52.4			53.3
Tax loss carryforwards and credits	25.7			25.1
Inventory	34.1			29.2
Accrued liabilities and other	8.3			4.3
Total deferred tax assets	205.6			192.8
Net deferred tax liabilities before valuation allowances	775.2			651.0
Valuation allowances	10.1			9.6
Net deferred tax liabilities before reserve for uncertain tax positions	785.3			660.6
Deferred tax assets included in reserve for uncertain tax positions	(50.5		)	(45.6		)
Adjusted net deferred tax liabilities	$	734.8		$	615.0

Change in unrecognized tax benefits

The change in unrecognized tax benefits for the years ended December 31, 2015, 2014, and 2013 was as follows:



	Year Ended December 31,
	2015			2014			2013
	(in millions)
Beginning balance	$	62.3		$	55.0		$	48.7
Additions for tax positions related to the current year	5.5			5.0			4.8
Additions for tax positions of prior years	—			2.5			2.8
Reductions for tax positions of prior years	(0.7		)	(0.1		)	—
Settlements	(1.9		)	—			(0.3		)
Expiration of statute of limitations	—			(0.1		)	(1.0		)
Ending balance	$	65.2		$	62.3		$	55.0