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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income (loss) before income taxes and noncontrolling interest | Income (loss) from continuing operations before income taxes and noncontrolling interest consisted of the following:
| Years ended December 31
In millions | 2014 | 2013 | 2012
Federal (1) | $ | 13.3 |  | $ | 328.7 |  | $ | 39.5 |
International | 771.0 |  | 365.8 |  | (185.6 | )
Income (loss) from continuing operations before income taxes and noncontrolling interest | $ | 784.3 |  | $ | 694.5 |  | $ | (146.1 | )
(1) | As a result of the Redomicile, “Federal” reflects income (loss) from continuing operations before income taxes and noncontrolling interest for the U.K. in 2014 and for Switzerland in 2013 and 2012.
Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following:
| Years ended December 31
In millions | 2014 | 2013 | 2012
Currently payable |  |  |
Federal (1) | $ | (0.4 | ) | $ | 17.4 |  | $ | 6.5 |
International (2) | 175.7 |  | 105.6 |  | 65.2 |
Total current taxes | 175.3 |  | 123.0 |  | 71.7 |
Deferred |  |  |
Federal (1) | 2.2 |  | 18.9 |  | 1.3 |
International (2) | (0.2 | ) | 35.1 |  | (140.2 | )
Total deferred taxes | 2.0 |  | 54.0 |  | (138.9 | )
Total provision (benefit) for income taxes | $ | 177.3 |  | $ | 177.0 |  | $ | (67.2 | )
(1) | As a result of the Redomicile, “Federal” represents U.K. taxes for 2014 and Swiss taxes for 2013 and 2012.
(2) | As a result of the Redomicile, "International" represents non-U.K. taxes for 2014 and non-Swiss taxes for 2013 and 2012
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 | 2014 | 2013 | 2012
Federal statutory income tax rate (1) | 21.0 |  | 7.8 | 7.8 |
Tax effect of international operations (2) | (4.9 | ) | 10.4 | 23.5 |
Change in valuation allowances | 3.4 |  | 5.7 | — |
Withholding taxes | 2.3 |  | 1.1 | — |
Interest limitations | 0.8 |  | 0.5 | — |
Non-deductible transaction costs | — |  | — | (5.9 | )
Impact of debt-financing | — |  | — | 13.6 |
Resolution of tax audits | — |  | — | 7.0 |
Effective tax rate | 22.6 |  | 25.5 | 46.0 |
(1) | The statutory rate for 2014 reflects the U.K. statutory rate of 21 percent. For 2013 and 2012, the statutory rate reflects the Swiss statutory rate of 7.8 percent.
(2) | The tax effect of international operations for 2014 consists of non-U.K. jurisdictions. For 2013 and 2012, the tax effect of international operations consists of non-Swiss 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 | 2014 | 2013 | 2012
Beginning balance | $ | 60.8 |  | $ | 53.4 |  | $ | 26.5 |
Gross increases for tax positions in prior periods | 2.3 |  | 12.2 |  | 2.2 |
Gross decreases for tax positions in prior periods | (0.5 | ) | (0.6 | ) | (0.6 | )
Gross increases based on tax positions related to the current year | 1.8 |  | 2.7 |  | 13.6 |
Gross decreases related to settlements with taxing authorities | (0.1 | ) | (5.1 | ) | (13.2 | )
Reductions due to statute expiration | (1.2 | ) | (1.8 | ) | (0.4 | )
Gross decreases due to currency fluctuations | (1.0 | ) | — |  | — |
Gross increases due to acquisitions | — |  | — |  | 25.3 |
Ending balance | $ | 62.1 |  | $ | 60.8 |  | $ | 53.4 |
Deferred Taxes | Deferred taxes were recorded in the Consolidated Balance Sheets as follows:
| December 31
In millions | 2014 | 2013
Other current assets | $ | 139.4 |  | $ | 149.7 |
Other non-current assets | 87.9 |  | 92.4 |
Deferred tax liabilities | 528.3 |  | 557.0 |
Net deferred tax liabilities | $ | 301.0 |  | $ | 314.9 |
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 | 2014 | 2013
Deferred tax assets |  |
Accrued liabilities and reserves | $ | 200.3 |  | $ | 192.2 |
Pension and other post-retirement benefits | 68.4 |  | 76.8 |
Employee compensation & benefits | 100.0 |  | 82.2 |
Tax loss and credit carryforwards | 291.9 |  | 351.7 |
Total deferred tax assets | 660.6 |  | 702.9 |
Valuation allowance | 235.8 |  | 235.5 |
Deferred tax assets, net of valuation allowance | 424.8 |  | 467.4 |
Deferred tax liabilities |  |
Property, plant and equipment | 51.6 |  | 57.9 |
Goodwill and other intangibles | 645.6 |  | 697.1 |
Other liabilities | 28.6 |  | 27.3 |
Total deferred tax liabilities | 725.8 |  | 782.3 |
Net deferred tax liabilities | $ | 301.0 |  | $ | 314.9 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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