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Income Taxes | 12 Months Ended
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Dec. 31, 2015
Income Taxes |
Income Taxes | 16. Income Taxes Income taxes relating to income from continuing operations consisted of the following:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 61.8 |  | $ | 51.2 |  | $ | 6.5 |
State and local |  |  | 11.5 |  |  | 7.9 |  |  | 5.0 |
Foreign |  |  | 40.1 |  |  | 43.5 |  |  | 34.2 |
Total current |  | $ | 113.4 |  | $ | 102.6 |  | $ | 45.7 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 40.1 |  |  | 42.9 |  |  | 71.3 |
State and local |  |  | 8.4 |  |  | 9.3 |  |  | 9.5 |
Foreign |  |  | (3.9) |  |  | (1.7) |  |  | (3.2) |
Total deferred |  | $ | 44.6 |  | $ | 50.5 |  | $ | 77.6 |
Income taxes relating to continuing operations |  | $ | 158.0 |  | $ | 153.1 |  | $ | 123.3 |
Income taxes relating to income from continuing operations varied from the U.S. federal statutory income tax rate due to the following:
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Income taxes relating to continuing operations at federal statutory rate of 35% |  | $ | 172.2 |  | $ | 160.3 |  | $ | 130.1 |
State and local income taxes, net of federal taxes |  |  | 13.3 |  |  | 11.0 |  |  | 8.7 |
Non-U.S. income taxed at other rates |  |  | (27.4) |  |  | (17.7) |  |  | (15.8) |
Other |  |  | (0.1) |  |  | (0.5) |  |  | 0.3 |
Income taxes relating to continuing operations |  | $ | 158.0 |  | $ | 153.1 |  | $ | 123.3 |
The components of deferred tax assets and liabilities as of December 31, 2015 and 2014 were as follows:
|  | 2015 |  | 2014 |
Deferred Tax Assets |  |  |  |  |  |  |
Accrued liabilities |  | $ | 67.5 |  | $ | 72.1 |
Net operating loss carryforwards |  |  | 17.9 |  |  | 16.0 |
Other |  |  | 26.2 |  |  | 8.4 |
Total deferred tax assets |  |  | 111.6 |  |  | 96.5 |
Valuation allowance |  |  | (17.3) |  |  | (18.2) |
Net deferred tax assets |  |  | 94.3 |  |  | 78.3 |
Deferred Tax Liabilities |  |  |  |  |  |  |
Depreciation and amortization |  |  | (198.1) |  |  | (187.6) |
Partnership investments |  |  | (285.5) |  |  | (253.0) |
Convertible notes |  |  | (7.5) |  |  | (10.0) |
Other |  |  | (6.1) |  |  | (3.5) |
Total deferred tax liabilities |  |  | (497.2) |  |  | (454.1) |
Net deferred tax liabilities |  | $ | (402.9) |  | $ | (375.8) |
We do not provide for U.S. taxes relating to undistributed earnings or losses of our non-U.S. subsidiaries. Income from continuing operations before income taxes of non-U.S. subsidiaries (which subsidiaries are predominately in the U.K.) was $182.5 million, $170.6 million, and $134.7 million during 2015, 2014, and 2013, respectively. It is our belief that such earnings will be indefinitely reinvested in the companies that produced them. As of December 31, 2015, we have not provided U.S. federal income taxes on a total temporary difference of $790.0 million related to the excess of financial reporting basis over tax basis in the non-U.S. subsidiaries. As of December 31, 2015, we have $63.4 million of state net operating loss carryforwards in the U.S. that expire at various dates beginning in 2016 through 2035, U.S. federal and state credit carryforwards of $2.5 million that will not expire, U.K. net operating loss carryforwards of $0.2 million that will not expire, U.K. capital loss carryforwards of $5.6 million that will not expire, German net operating loss carryforwards of $18.5 million that will not expire, Australia net operating loss carryforwards of $21.5 million that will not expire, New Zealand net operating loss carryforwards of $1.7 million that will not expire and Italian net operating loss carryforwards of $0.1 million that will not expire. We utilized $20.3 million of state net operating loss carryforwards in the U.S. in 2015. A valuation allowance of $2.0 million has been recorded against the state net operating loss carryforwards in the U.S. and a valuation allowance of $0.3 million has been recorded against the state credit carryforwards in the U.S. as of December 31, 2015. A valuation allowance of $7.2 million has been recorded against German net operating losses and other deferred tax assets. A valuation allowance of $7.8 million has been recorded against U.K. deferred tax assets related to buildings as of December 31, 2015. Generally accepted accounting principles relating to uncertain income tax positions prescribe a minimum recognition threshold a tax position is required to meet before being recognized, and provides guidance on the derecognition, measurement, classification, and disclosure relating to income taxes. The movement in uncertain tax positions for the years ended December 31, 2015, 2014, and 2013 were as follows:
|  | 2015 |  | 2014 |  | 2013 |
Uncertain tax positions—January 1 |  | $ | 13.1 |  | $ | 14.0 |  | $ | 14.7 |
Gross increase—tax position in prior periods |  |  | 0.2 |  |  | 0.2 |  |  | 0.3 |
Gross decrease—tax position in prior periods |  |  | — |  |  | (0.6) |  |  | (0.8) |
Gross increase—current period tax position |  |  | — |  |  | 0.1 |  |  | 0.1 |
Settlements |  |  | — |  |  | — |  |  | (0.4) |
Lapse in statute of limitations |  |  | — |  |  | — |  |  | (0.1) |
Foreign exchange |  |  | (0.5) |  |  | (0.6) |  |  | 0.2 |
Uncertain tax positions—December 31 |  | $ | 12.8 |  | $ | 13.1 |  | $ | 14.0 |
We have elected to include interest and penalties in our income tax expense. The total interest and penalties included within uncertain tax positions at December 31, 2015 was $2.9 million. We do not expect a significant change to the amount of uncertain tax positions within the next twelve months. Our U.S. federal returns remain open to examination for 2012 through 2014 and various non-U.S. and U.S. state jurisdictions are open for periods ranging from 2002 through 2014. The portion of the total amount of uncertain tax positions as of December 31, 2015 that would, if recognized, impact the effective tax rate was $12.6 million. We have classified our tax reserves as a long‑term obligation on the basis that management does not expect to make payments relating to those reserves within the next twelve months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: 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 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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