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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Tax Data from Continuing Operations | For each of the years ended December 31, 2015, 2014, and 2013 the tax data related to continuing operations is as follows:
| 2015 |  |  | 2014 |  |  | 2013 |
Income components: |  |  |  |  |
United States | $ | 159.3 |  |  | $ | 44.5 |  |  | $ | 28.5 |
International | 223.0 |  |  | 217.5 |  |  | 152.0 |
Income from continuing operations before income tax | 382.3 |  |  | 262.0 |  |  | 180.5 |
Income tax expense (benefit) components: |  |  |  |  |
Current income tax expense (benefit): |  |  |  |  |
United States – federal | (8.5 | ) |  | 16.2 |  |  | 10.6 |
United States – state and local | 0.1 |  |  | 0.7 |  |  | 4.2 |
International | 52.9 |  |  | 54.6 |  |  | 39.6 |
Total current income tax expense | 44.5 |  |  | 71.5 |  |  | 54.4 |
Deferred income tax expense (benefit) components: |  |  |  |  |
United States – federal | 31.9 |  |  | (0.6 | ) |  | (331.2 | )
United States – state and local | 6.0 |  |  | 5.1 |  |  | (36.7 | )
International | (12.3 | ) |  | (4.7 | ) |  | 3.9 |
Total deferred income tax (benefit) expense | 25.6 |  |  | (0.2 | ) |  | (364.0 | )
Income tax expense (benefit) | $ | 70.1 |  |  | $ | 71.3 |  |  | $ | (309.6 | )
Effective income tax rate | 18.3 | % |  | 27.2 | % |  | (171.5 | )%
Reconciliation of Tax Provision for Continuing Operations | A reconciliation of the income tax expense (benefit) for continuing operations from the U.S. statutory income tax rate to the effective income tax rate is as follows for each of the years ended December 31, 2015, 2014, and 2013:
| 2015 |  |  | 2014 |  |  | 2013 |
Tax provision at U.S. statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Tax exempt interest | (6.7 | )% |  | (10.3 | )% |  | (17.5 | )%
U.S. tax on foreign earnings | 3.8 | % |  | 9.3 | % |  | (0.7 | )%
Valuation allowance on deferred tax assets | 2.1 | % |  | 8.6 | % |  | (191.1 | )%
Tax on undistributed foreign earnings | (5.6 | )% |  | (8.1 | )% |  | 6.1 | %
Foreign tax rate differential | (3.6 | )% |  | (6.2 | )% |  | (4.8 | )%
State and local income tax | 1.0 | % |  | 1.6 | % |  | 0.6 | %
Other adjustments | (0.6 | )% |  | (1.3 | )% |  | (0.6 | )%
Foreign tax holiday | (1.1 | )% |  | (1.3 | )% |  | (1.0 | )%
U.S. permanent items | (1.0 | )% |  | (1.0 | )% |  | (1.3 | )%
Audit settlements & unrecognized tax benefits | (5.0 | )% |  | 0.9 | % |  | 3.8 | %
Effective income tax rate | 18.3 | % |  | 27.2 | % |  | (171.5 | )%
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities include the following:
| 2015 |  |  | 2014 |
Deferred Tax Assets: |  |  |
Accruals | $ | 88.0 |  |  | $ | 69.0 |
Asbestos | 228.7 |  |  | 272.6 |
Employee benefits | 110.4 |  |  | 109.4 |
Credit carryforwards | 34.5 |  |  | 29.3 |
Loss carryforwards | 125.1 |  |  | 128.0 |
Other | 15.5 |  |  | 36.0 |
Gross deferred tax assets | 602.2 |  |  | 644.3 |
Less: Valuation allowance | 135.7 |  |  | 147.1 |
Net deferred tax assets | $ | 466.5 |  |  | $ | 497.2 |
Deferred Tax Liabilities: |  |  |
Undistributed earnings | $ | (39.6 | ) |  | $ | (61.2 | )
Intangibles | (70.8 | ) |  | (58.7 | )
Accelerated depreciation | (31.0 | ) |  | (26.0 | )
Investment | (0.5 | ) |  | (0.4 | )
Total deferred tax liabilities | $ | (141.9 | ) |  | $ | (146.3 | )
Net deferred tax assets | $ | 324.6 |  |  | $ | 350.9 |
Deferred Taxes in Consolidated Balance Sheets | Deferred taxes are presented in the Consolidated Balance Sheets as follows:
| 2015 |  |  | 2014 |
Current assets | $ | — |  |  | $ | 56.2 |
Non-current assets | 326.1 |  |  | 304.1 |
Other non-current liabilities | (1.5 | ) |  | (9.4 | )
Net deferred tax assets | $ | 324.6 |  |  | $ | 350.9 |
Deferred Tax Asset Valuation Allowance Rollforward [Table Text Block] | The table included below provides a rollforward of our valuation allowance on net deferred income tax assets from December 31, 2012 to December 31, 2015.
| Federal |  |  | State |  |  | Foreign |  |  | Total |
DTA valuation allowance - December 31, 2012 | $ | 352.8 |  |  | $ | 122.4 |  |  | $ | 61.5 |  |  | $ | 536.7 |
Change in assessment | (339.6 | ) |  | (35.0 | ) |  | 3.7 |  |  | (370.9 | )
Current year operations | (13.2 | ) |  | (42.7 | ) |  | 25.4 |  |  | (30.5 | )
DTA valuation allowance - December 31, 2013 | — |  |  | 44.7 |  |  | 90.6 |  |  | 135.3 |
Change in assessment | — |  |  | — |  |  | 2.5 |  |  | 2.5 |
Current year operations | — |  |  | 0.3 |  |  | 9.0 |  |  | 9.3 |
DTA valuation allowance - December 31, 2014 | — |  |  | 45.0 |  |  | 102.1 |  |  | 147.1 |
Change in assessment | — |  |  | — |  |  | (7.4 | ) |  | (7.4 | )
Current year operations | — |  |  | (3.5 | ) |  | (0.5 | ) |  | (4.0 | )
DTA valuation allowance - December 31, 2015 | $ | — |  |  | $ | 41.5 |  |  | $ | 94.2 |  |  | $ | 135.7 |
Attributes Available for Utilization | We have the following tax attributes available for utilization at December 31, 2015:
Attribute | Amount |  |  | First Year of Expiration
U.S. federal net operating losses | $ | 1.4 |  |  | 12/31/2024
U.S. state net operating losses | $ | 1,313.5 |  |  | 12/31/2016
U.S. federal tax credits | $ | 28.6 |  |  | 12/31/2021
U.S. state tax credits | $ | 5.8 |  |  | 12/31/2027
Foreign net operating losses | $ | 296.2 |  |  | 12/31/2016
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for each of the years ended December 31, 2015, 2014, and 2013 is as follows:
| 2015 |  |  | 2014 |  |  | 2013 |
Unrecognized tax benefits – January 1 | $ | 160.1 |  |  | $ | 161.2 |  |  | $ | 208.8 |
Additions for: |  |  |  |  |
Prior year tax positions | 1.8 |  |  | 2.4 |  |  | 1.6 |
Current year tax positions | 3.4 |  |  | 2.8 |  |  | 8.0 |
Assumed in Acquisition | 1.9 |  |  | — |  |  | — |
Reductions for: |  |  |  |  |
Prior year tax positions | (56.6 | ) |  | (2.8 | ) |  | (55.4 | )
Settlements | (19.0 | ) |  | (1.0 | ) |  | (1.0 | )
Expiration of Statute of Limitations | (4.0 | ) |  | (2.5 | ) |  | (0.8 | )
Unrecognized tax benefits – December 31 | $ | 87.6 |  |  | $ | 160.1 |  |  | $ | 161.2 |
Open Tax Years by Major Jurisdiction | The following table summarizes the earliest open tax years by major jurisdiction as of December 31, 2015:
Jurisdiction | Earliest Open Year
China | 2010
Czech | 2013
Germany | 2008
Italy | 2005
Korea | 2008
Luxembourg | 2011
Mexico | 2010
United States | 2012

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